Old Mutual - fractional entitlements
Old Mutual shareholders are referred to the circular published by Old Mutual plc (˘Old Mutual÷) on 20 April 2018 (the ˘Circular÷) and the announcement published by Old Mutual on the same day, wherein Old Mutual plc Shareholders were advised that the Quilter Demerger will be implemented by way of a Demerger Distribution, through the transfer of 86.6% of QuilterĂs total issued share capital to Old Mutual plc Shareholders on a pro rata basis of one Quilter Share for every three Old Mutual Shares held at the First Scheme and Demerger Record Time.
Old Mutual shareholders are further referred to the announcement published by Old Mutual on 25 June 2018, advising shareholders of the Demerger Reduction of Capital and the Quilter Demerger that has taken effect as well as the listing of Quilter Shares on the London Stock Exchange and the Johannesburg Stock Exchange on Monday, 25 June 2018.
Treatment of Fractional Entitlements
As set out in the Circular, in relation to any Quilter Shares registered in the name of the Strate Nominee on behalf of the South African Nominee, if the number of Old Mutual plc Shares held in aggregate on behalf of an Old Mutual plc Shareholder by the South African Nominee is not divisible by three, an entitlement to a fraction of a Quilter Share will arise and such entitlement to Quilter Shares will first be rounded down to the nearest whole number.
The Quilter Shares held on behalf of the South African Nominee will then be further rounded down at the CSDP custody account level such that each CSDP custody account with the South African Nominee is treated as a separate registered shareholding. In relation to the additional fractions that then arise within each CSDPĂs custody account when allocating that custody accountĂs aggregate entitlement between multiple beneficial holders, the CSDP will credit each beneficiaryĂs account with a cash sum equal to its fractional entitlement.
In this regard, Old Mutual plc Shareholders are advised that the value of a Quilter Share to be utilised in determining such cash sums due in respect of such fractional entitlements will be ZAR24.82. This amount has been determined with reference to the volume weighted average price of Quilter Shares traded on the JSE on Monday, 25 June 2018 (ZAR27.58), discounted by 10%. Accounts will be credited with such cash sums on Thursday, 28 June 2018.