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OML - Old Mutual Plc - Final dividend for the year ended 31 December 2011 (no.
23) and special dividend: currency conversions
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual plc
Ref 26/12
FINAL DIVIDEND FOR THE YEAR ENDED 31 DECEMBER 2011 (NO. 23) AND SPECIAL
DIVIDEND: CURRENCY CONVERSIONS
In its preliminary results announcement for the year ended 31 December 2011
published on 9 March 2012, Old Mutual plc (the "Company") announced a
recommended final dividend of 3.5p (the "Final Dividend") per existing
ordinary share of 10 pence ("Existing Ordinary Share") or its equivalent in
other currencies of payment using exchange rates prevailing on 3 April 2012.
Following the approval of the 7 for 8 share consolidation at the Company`s
General Meeting on 14 March 2012 and the completion of the disposal of the
Skandia Nordic business (the "Disposal") on 21 March 2012, the Existing
Ordinary Shares will be consolidated into new ordinary shares of 113/7 pence
each ("New Ordinary Shares") with effect from the opening of business on 23
April 2012. The Final Dividend equates to 4.0p per New Ordinary Share or its
equivalent in other currencies of payment. On 9 March 2012, the Company also
announced the timetable for the payment of the previously announced special
dividend of 18p per Existing Ordinary Share (the "Special Dividend").
Subject to the conditions for the payment of each of these respective
dividends being satisfied, shareholders on the South African, Zimbabwe and
Malawi branch registers and the Namibian section of the principal register
will be paid the local currency cash equivalents of the dividends under
dividend access trust (or, in South Africa, dividend access company)
arrangements established in each country and those shareholders who hold their
shares through Euroclear Sweden AB, the Swedish central securities depository,
will be paid the equivalent of the dividends in Swedish Kronor. In the case
of Zimbabwe, the local currency equivalent will be denominated in US dollars.
As previously announced on 21 March 2012, the conditions precedent to the
payment of the Special Dividend have been satisfied and it will be paid on 7
June 2012. The payment of the recommended Final Dividend on 7 June 2012
remains subject to the approval of shareholders at the Company`s Annual
General Meeting on 10 May 2012.
The currency equivalents of the recommended Final Dividend and for the Special
Dividend have now been established and are as follows:
Final Dividend
South 43.05 South African cents per Existing Ordinary Share*
Africa
Malawi 9.33 Malawi kwachas per Existing Ordinary Share*
Namibia 43.05 Namibian cents per Existing Ordinary Share*
Zimbabwe 5.59 US cents per Existing Ordinary Share*
Sweden 0.37 Swedish Kronor per Existing Ordinary Share*
* For illustrative purposes only, these equate to the following respective
amounts per New Ordinary Share:
South 49.20 South African cents per New Ordinary Share
Africa
Malawi 10.67 Malawi kwachas per New Ordinary Share
Namibia 49.20 Namibian cents per New Ordinary Share
Zimbabwe 6.39 US cents per New Ordinary Share
Sweden 0.42 Swedish Kronor per New Ordinary Share
Special Dividend
South 221.38 South African cents per Existing Ordinary Share
Africa
Malawi 48.00 Malawi kwachas per Existing Ordinary Share
Namibia 221.38 Namibian cents per Existing Ordinary Share
Zimbabwe 28.75 US cents per Existing Ordinary Share
Sweden Swedish Kronor per Existing Ordinary Share
1.90
These currency equivalents have been calculated using the following exchange
rates:
South 12.299 Rand/GBP
Africa
Malawi 266.66 Malawi kwachas/GBP
Namibia 12.299 Namibian dollars/GBP
Zimbabwe 1.597 US dollars/GBP
Sweden 10.528 Swedish Kronor/GBP
The record date for both dividends is the close of business on 20 April 2012
for all the exchanges where the Company`s shares are listed.
Holders of the Company`s shares in South Africa should note that, since the
publication of the shareholder circular relating to the Disposal on 3 February
2012, the South African Revenue Service has announced that the amended rate of
the new Dividends Tax will be 15 per cent., rather than 10 per cent. as stated
in that circular. Dividends Tax will therefore be withheld from the amount of
the Final Dividend and the Special Dividend paid to South African shareholders
at the rate of 15 per cent. unless a shareholder qualifies for an exemption
from Dividends Tax, and the prescribed requirements for effecting the
exemption, as set out in the circular, are in place. Shareholders who are
ordinary persons resident in South Africa do not qualify for exemption.
After Dividends Tax has been withheld, the Final Dividend will be 36.59 South
African cents per Existing Ordinary Share and the Special Dividend will be
188.17 South African cents per Existing Ordinary Share.
In South Africa the Final Dividend and Special Dividend will be distributed
from Old Mutual`s Dividend Access Company and, for the purposes of these
dividends, the Dividend Access Company will be treated as a South African
company and the provisions with regard to Dividends Tax for South African
companies will apply. No secondary tax on companies (STC) credits will be used
for the payment of the Final Dividend and Special Dividend.
The last day to trade cum-dividend for the Final Dividend will be 13 April
2012 on the JSE and on the Malawi, Namibian and Zimbabwe Stock Exchanges and
17 April 2012 for the London Stock Exchange. The shares will trade ex-
dividend for the Final Dividend from the opening of business on 16 April 2012
on the JSE and on the Malawi, Namibian and Zimbabwe Stock Exchanges and from
the opening of business on 18 April 2012 on the London Stock Exchange.
The last day to trade cum-dividend for the Special Dividend will be 13 April
2012 on the JSE and on the Malawi, Namibian and Zimbabwe Stock Exchanges and
20 April 2012 for the London Stock Exchange. The shares will trade ex-
dividend for the Special Dividend from the opening of business on 16 April
2012 on the JSE and on the Malawi, Namibian and Zimbabwe Stock Exchanges and
from the opening of business on 23 April 2012 on the London Stock Exchange.
Shareholders who continue to hold their Existing Ordinary Shares on the
African registers should, however, note that their accounts will not be
credited with New Ordinary Shares until 23 April 2012.
Share certificates may not be dematerialised or rematerialised on the South
African branch register between 4 and 20 April 2012, both dates inclusive, and
transfers between the registers may not take place during that period.
No changes to beneficial shareholdings for shares in the Company held in
Euroclear Sweden AB will be capable of being registered and no withdrawals
from or lodgements into that service will be accepted between 18 and 20 April
2012, both dates inclusive.
4 April 2012
Sponsor
Merrill Lynch South Africa (Pty) Limited
Enquiries
Investors/Analysts
Patrick Bowes +44 (0)20 7002 7440
Kelly de Kock +27 (0)21 509 8709
Media
William Baldwin-Charles +44 (0)20 7002 7133
Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and
investment Group. Originating in South Africa in 1845, the Group provides
life assurance, asset management, banking and general insurance to more than
15 million customers in Europe, the Americas, Africa and Asia. Old Mutual plc
has been listed on the London Stock Exchange and the Johannesburg Stock
Exchange since 1999.
In the year ended 31 December 2011, the Group reported adjusted operating
profit before tax of GBP1.5 billion (on an IFRS basis) and had GBP267 billion
of funds under management, from core operations.
For further information on Old Mutual plc, please visit the corporate website
at www.oldmutual.com
Date: 04/04/2012 16:00:04 Supplied by www.sharenet.co.za
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