Final Dividend for the year ended 31 December 2011

RNS Number : 0177Z

Old Mutual PLC

09 March 2012

 



Ref 17//12

9 March 2012

Final Dividend for the year ended 31 December 2011 (No. 23)

and Special Dividend Timetable

The Directors of Old Mutual plc (the "Company") are recommending a final dividend for the year ended 31 December 2011 of 3.5p per existing ordinary share of 10 pence (an "Ordinary Share"), which will be paid, subject to being approved by shareholders at the Company's 2012 Annual General Meeting, on 7 June 2012 (the "Final Dividend").  The Final Dividend would equate to 4.0p per new ordinary share of 11³/₇ pence (a "New Ordinary Share") if the proposed 7 for 8 share consolidation (the "Share Consolidation") is approved by shareholders at the Company's General Meeting on 14 March 2012.  The Share Consolidation was announced by the Company on 3 February 2012 and is also conditional on approval by shareholders of the sale of our Nordic business (the "Disposal"), the Disposal being completed and the related Special Dividend (defined below) being declared.

The Company is also announcing the timetable for the payment of the special dividend of 18p per Ordinary Share (the "Special Dividend"), which was announced on 3 February 2012.  The Special Dividend will also be paid on 7 June 2012, subject to approval by shareholders of the Disposal and the Share Consolidation at the General Meeting and the Disposal being completed.

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 Final Dividend and the Special 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 both dividends in Swedish Kronor. Local currency cash equivalents of the dividends for all five territories will be determined by the Company using exchange rates prevailing at the close of business on 3 April 2012 and will be announced by the Company on 4 April 2012.

Share certificates for shareholders on the South African register may not be dematerialised or rematerialised between 4 April 2012 and 20 April 2012, both dates inclusive, and transfers between the registers may not take place during that period.

A scrip dividend alternative is not being made available in relation to the Final Dividend, in view of the complexities involved in the Share Consolidation, or in relation to the Special Dividend.  The Directors of the Company will consider later in 2012 whether to reinstate a scrip dividend alternative for the interim dividend for the current year.

The full timetable for the Final Dividend and Special Dividend is set out below.  The timing for completion of the Disposal is dependent upon satisfaction of regulatory conditions.  If there is any delay in obtaining such clearances, the expected completion date may change and the timing of payment of the Special Dividend will need to be changed to reflect this. 

General Meeting relating to the Disposal, related Special Dividend and Share Consolidation	14 March 2012
Anticipated completion date for the Disposal and, subject to the Disposal being completed, the date the Special Dividend becomes unconditional	21 March 2012
Currency conversion date	3 April 2012
Exchange rates announced	4 April 2012
Trading suspended between registers	Opening of business on 4 April 2012
Last day to trade existing Ordinary Shares cum dividend (for the Special Dividend and the Final Dividend) for Ordinary Shareholders on the branch registers in South Africa, Malawi and Zimbabwe and on the Namibian section of the principal register.  No further dealings in existing Ordinary Shares on these registers	13 April 2012
Admission of New Ordinary Shares to the branch registers in South Africa, Malawi and Zimbabwe and on the Namibian section of the principal register, and commencement of dealings in such New Ordinary Shares ex-Special Dividend and Final Dividend (in each case, on a to be issued basis)	Opening of business on 16 April 2012
Last day to trade cum dividend for the Final Dividend for Ordinary Shareholders on the UK Register	17 April 2012
Ex-dividend date for the Final Dividend for Ordinary Shareholders on the UK Register	18 April 2012
Last day to trade cum dividend for the Special Dividend and pre-consolidation for Ordinary Shareholders on the UK Register	20 April 2012
Record Date for entitlement of holders of existing Ordinary Shares to Final Dividend, Special Dividend and Share Consolidation (all Registers).  No further dealings in existing Ordinary Shares on the UK Register	Close of business on 20 April 2012
Consolidation is effected	The period commencing immediately after close of business on 20 April 2012 and ending on opening of business on 23 April 2012
New Ordinary Shares admitted to the Official List and the LSE and commencement of dealings in New Ordinary Shares, ex-dividend for the Special Dividend	Opening of business on 23 April 2012
New Ordinary Shares enabled in CREST and CREST accounts credited with New Ordinary Shares	23 April 2012
New Ordinary Shares credited to the accounts of dematerialised South African shareholders at their CSDP or broker and other African exchanges	23 April 2012
Trading between registers recommences	Opening of business on 23 April 2012
Annual General Meeting	10 May 2012
Payment of Special Dividend and Final Dividend	7 June 2012

Enquiries

Investors/Analysts
Patrick Bowes		[phone]
Kelly de Kock		[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual 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 is listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

END

 

 

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