The Directors of Old Mutual plc (the 'Company') have declared an interim dividend for the six months ended 30 June 2017 of 3.53p per share (the 'Interim Dividend'), which will be paid on 31 October 2017. 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 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 Interim Dividend in Swedish kronor.
As announced in the Annual Report and Accounts 2016, with effect from this first interim dividend for 2017, dividends in currencies other than sterling will be converted at our average effective exchange rate after taking into account hedging activities and timing of remittances for the relevant period. Accordingly, shareholders in South Africa and Namibia will receive the full year effective hedge rate achieved by the Company on rand forward sales realised up to 30 June 2017 and on trades in place at 30 June 2017. Shareholders in Zimbabwe, Malawi and Sweden will be converted in to local currency at the daily weighted average exchange rate for the six month period from 1 January to 30 June 2017. The local currency cash equivalents of the Interim Dividend are therefore as follows:
- South Africa: 65.35371 South African cents per share
- Malawi 32.25 Malawian kwacha per share
- Namibia 65.35371Namibian cents per share
- Zimbabwe 4.44 US cents per share
- Sweden 0.39 Swedish kronor per share
These currency equivalents have been calculated using the following exchange rates:
- South Africa 18.5138 Rand/£
- Malawi 913.46Malawian kwacha/£
- Namibia 18.5138Namibian dollars/£
- Zimbabwe 1.2591 US dollars/£
- Sweden 11.1650 Swedish kronor/£
Dividend Tax will be withheld at the rate of 20% from the amount of the gross dividend of 65.35371 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 52.28297 South African cents per share. The Company had a total of 4,932,257,221 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 22 September 2017 for all the exchanges where the Company's shares are listed. The last day to trade cum-dividend will be 15 September 2017 on the Malawian Stock Exchange, 19 September 2017 on the JSE and on the Namibian and Zimbabwean Stock Exchanges and 20 September 2017 on the London Stock Exchange. The shares will trade ex-dividend from the opening of business on 18 September 2017 on the Malawian Stock Exchange, from the opening of business on 20 September 2017 on the JSE and on the Namibian and Zimbabwean Stock Exchanges and from the opening of business on 21 September 2017 on the London Stock Exchange.
Share certificates for shareholders on the South African register may not be dematerialised or rematerialised between 20 and 22 September 2017, both dates inclusive. Transfers between the registers may not take place between 19 and 22 September 2017, both dates inclusive. Trading in shares held on the Namibian section of the principal register through Old Mutual (Namibia) Nominees (Pty) Limited will not be permitted between 19 and 21 September 2017, both dates inclusive.