The Directors of Old Mutual plc have declared a second interim dividend for the year ended 31 December 2015 of 6.25p per share (the 'Second Interim Dividend'), which will be paid on 29 April 2016. Shareholders on the South African, Zimbabwean and Malawian branch registers and the Namibian section of the principal register will be paid the local currency cash equivalents of the Second Interim Dividend under dividend access trust or similar arrangements established in each country. Shareholders who hold their shares through Euroclear Sweden AB, the Swedish nominee, will be paid the cash equivalent of the Second Interim Dividend in Swedish kronor.
The Second Interim Dividend, together with the first interim dividend of 2.65p per share paid in October 2015, equates to 2.17 times AOP earnings cover for the full year. Owing to changes resulting from Solvency II, which came into effect from 1 January 2016, this year's final dividend and future years' final dividends will be paid by way of a second interim dividend declared by the Board, rather than being submitted for formal shareholder approval at the AGM. As the Second Interim Dividend is not subject to a confirmatory vote from shareholders at the 2016 AGM, the Company has taken the opportunity this year to fix the foreign currency equivalents at the time of announcement (based on the applicable closing exchange rates on 9 March 2016) and brought forward the date for payment from the end of May to the end of April.
The local currency cash equivalents of the Second Interim Dividend are as follows:
|South Africa||135.20563||South African cents per share|
|Malawi||63.71||Malawi kwacha per share|
|Namibia||135.20563||Namibian cents per share|
|Zimbabwe||8.89||US cents per share|
|Sweden||0.75||Swedish kronor per share|
These currency equivalents have been calculated using the following exchange rates:
Dividend Tax will be withheld at the rate of 15% from the amount of the gross dividend of 135.20563 South African cents per share paid to South African shareholders unless a shareholder qualifies for exemption. After the Dividend Tax has been withheld, the net dividend will be 114.92479 South African cents per share. The Company had a total of 4,928,681,619 shares in issue at today's date. In South Africa, the dividend will be distributed by Old Mutual Dividend Access Company (Pty) Limited, a South African company with tax registration number 9460/144/14/1, in terms of the Company's dividend access share arrangements. No Secondary Tax on Companies (STC) credits will be used for the payment of the dividend.
The record date for this dividend payment is the close of business on 1 April 2016 for all the exchanges where the Company's shares are listed. The last day to trade cum-dividend will be 23 March 2016 on the JSE and on the Malawian, Namibian and Zimbabwean Stock Exchanges and 30 March 2016 for the London Stock Exchange. The shares will trade ex-dividend from the opening of business on 24 March 2016 on the JSE and the Malawian, Namibian and Zimbabwean Stock Exchanges and from the opening of business on 31 March 2016 on the London Stock Exchange.
No dematerialisation or rematerialisation within Strate and no transfers between the registers may take place in period 24 March to 1 April 2016, both dates inclusive.