In its preliminary results announcement for the year ended 31 December 2013 published on 28 February 2014, Old Mutual plc (the 'Company') announced a recommended final dividend of 6.0p per share (the 'Final Dividend') or its equivalent in other currencies of payment using exchange rates prevailing on 10 April 2014. The Company also announced that, subject to approval of the dividend at the Company's Annual General Meeting on 15 May 2014 (the 'AGM'), shareholders on the South African, Zimbabwe and Malawi branch registers and the Namibian section of the principal register would be paid the local currency cash equivalents of the dividend 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, would be paid the equivalent of the dividend in Swedish kronor. In the case of Zimbabwe, the local currency equivalent would be denominated in US dollars. The Final Dividend was duly approved by shareholders at the AGM on 15 May 2014.
The currency equivalents of the Final Dividend have now been established and are as follows:
- South Africa: 104.86920 South African cents per share
- Malawi: 40.07 Malawi kwacha per share
- Namibia: 104.86920 Namibian cents per share
- Zimbabwe: 10.07 US cents per share
- Sweden: 0.66 Swedish kronor per share
These currency equivalents have been calculated using the following exchange rates:
- South Africa: 17.4782 Rand/£
- Malawi: 667.8349 Malawi kwacha/£
- Namibia: 17.4782 Namibian dollars/£
- Zimbabwe: 1.6782 US dollars/£
- Sweden: 10.9546 Swedish kronor/£
Dividend Tax will be withheld from the amount of the gross dividend of 104.86920 South African cents per share paid to South African shareholders at the rate of 15% unless a shareholder qualifies for exemption. After the Dividend Tax has been withheld, the net dividend will be 89.13882 South African cents per share. The Company had a total of 4,897,419,072 shares in issue at the date on which the dividend was announced, 28 February 2014. In South Africa, in respect of the Company's dividend access share arrangements, 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. 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 25 April 2014 for all the exchanges where the Company's shares are listed. The last day to trade cum-dividend will be 14 April 2014 on the Malawi Stock Exchange, 16 April 2014 on the JSE and on the Namibian and Zimbabwe Stock Exchanges and 22 April 2014 for the London Stock Exchange. The shares will trade ex-dividend from the opening of business on 15 April 2014 on the Malawi Stock Exchange, from the opening of business on 17 April 2014 on the JSE and the Namibian and Zimbabwe Stock Exchanges and from the opening of business on 23 April 2014 on the London Stock Exchange.
Share certificates may not be dematerialised or rematerialised on the South African branch register between 17 and 25 April 2014, both dates inclusive. Transfers between the registers may not take place between 17 April 2014 and 25 April 2014, both dates inclusive, for registers excluding South Africa and between 17 April 2014 and 28 April 2014, both dates inclusive, in respect of the South African register.
The full timetable for the Final Dividend is set out below:
|Currency conversion date||10 April 2014|
|Exchange rates announced||11 April 2014|
|Last day to trade cum dividend for shareholders on the branch register in Malawi||14 April 2014|
|Ex-dividend date for shareholders on the branch register in Malawi||15 April 2014|
|Last day to trade cum dividend for shareholders on the branch registers in South Africa and Zimbabwe and on the Namibian section of the principal register||16 April 2014|
|Ex-dividend date for shareholders on the branch registers in South Africa and Zimbabwe and on the Namibian section of the principal register||17 April 2014|
|Trading suspended between registers||Opening of business on 17 April 2014|
|Last day to trade cum dividend for shareholders on the UK register||22 April 2014|
|Ex-dividend date for shareholders on the UK register||23 April 2014|
|Record date (all locations):||Close of business on 25 April 2014|
|Trading between registers recommences
(except South Africa)
|Opening of business on 28 April 2014|
|Trading between registers recommences (South Africa)||Opening of business on 29 April 2014|
|Annual General Meeting||15 May 2014|
|Payment date||30 May 2014|