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MAF
MAF
MAF - Mutual & Federal - Capitalisation award with a cash dividend
Mutual & Federal Insurance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1970/006619/06)
("Mutual & Federal" or "the Company")
Share code JSE: MAF
Share code NSX: MTF & ISIN: ZAE000010823
CAPITALISATION AWARD WITH A CASH DIVIDEND ALTERNATIVE TO BE PAID TO
SHAREHOLDERS NOT ELECTING TO RECEIVE CAPITALISATION AWARD SHARES
Shareholders are referred to the announcement released on SENS on Thursday,
8 February 2007, wherein notice was given that a capitalisation award of
new fully paid ordinary shares will be distributed to shareholders, who
elected the capitalisation award, recorded in the register of the Company
at the close of business on Friday, 9 March 2007 and that the last day to
trade to be entitled to participate in the capitalisation award will be
Friday, 2 March 2007.
Notice is hereby given that the number of shares to which shareholders will
be entitled will be determined as follows:
- in the ratio that 135 cents per share bears to R28.69 per share, being
the 30 day volume weighted average price ("VWAP") at the close of
business on Thursday, 22 February 2007 for the capitalisation award.
This equates to 4.70547 new Mutual & Federal ordinary shares for every 100
shares held. Shareholders wishing to participate in the capitalisation
award in respect of all or part of their shareholding must elect to do so.
Shareholders not electing to receive the capitalisation award will receive
a cash dividend of 135 cents per share for the capitalisation award.
Subject to the approval of the JSE Limited, a listing of the maximum number
of shares to be issued pursuant to the capitalisation award will take place
on Monday, 5 March 2007, on which date the shares will trade "ex" the
entitlement. Shares may not be dematerialised or rematerialised between
Monday, 5 March 2007 and Friday, 9 March 2007, both days inclusive. A
circular (including a form of election) dealing with the capitalisation
award was posted to shareholders on Tuesday, 20 February 2007.
Shareholders who have dematerialised their shares are required to notify
their duly appointed Central Securities Depository Participant ("CSDP") or
broker of their election in the manner and time stipulated in the custody
agreement governing the relationship between the shareholder and their CSDP
or broker. Certificated shares or cheques will be posted by registered post
to certificated shareholders at their risk on Monday, 12 March 2007.
In respect of dematerialised shareholders, safe custody accounts with the
CSDP or broker will be updated with the entitlement in respect of the new
ordinary shares and /or payments will be credited to their CSDP or broker
accounts on Monday, 12 March 2007.
A further announcement will be published on SENS and in the press on or
about Monday, 12 March 2007, detailing the results of the capitalisation
award and the cash dividend alternative.
Johannesburg
23 February 2007
Investment bank, corporate advisor and sponsor in South Africa
Nedbank Capital
Sponsoring broker in Namibia
Old Mutual Investment Services (Namibia)
Date: 23/02/2007 10:56:01 Produced by the JSE SENS Department.
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