Zimbabwe Currency Conversion
Old Mutual PLC
03 May 2007
Old Mutual plc
Ref 25/07
3 May 2007
Final Dividend for the year ended 31 December 2006 (No. 15)
Revised Currency Conversion for Zimbabwe
In the announcement by Old Mutual plc (the 'Company') of 20 April 2007 relating
to the currency conversion rates to be applied to the recommended final dividend
of 4.15p per share, the Company reported that, in accordance with the
requirements of applicable Zimbabwe legislation, the dividend would be converted
for payment to shareholders on the Zimbabwe branch register at the official
exchange rate. This would have led to a local currency equivalent of 20.77
Zimbabwean dollars per share. The Company also stated that, in recognition of
the inflationary environment prevailing in Zimbabwe, an additional amount would
be paid to reflect the anticipated reduction in value in the dividend between 19
April 2007 and the payment date, 31 May 2007, and that this adjusting amount was
expected to be approximately an additional 40.64 Zimbabwean dollars per share.
On 26 April 2007, the Governor of the Reserve Bank of Zimbabwe announced revised
exchange control regulations. This has enabled the Company to revise the
Zimbabwean currency equivalent of the final dividend payable to shareholders on
the Zimbabwean branch register to 1,246.49 Zimbabwean dollars per share. No
further adjustment will be made to this for the effects of inflation between 19
April and 31 May 2007.
Subject to being approved by shareholders at the Annual General Meeting on 24
May 2007, the final dividend will be paid on 31 May 2007. The record date for
this dividend payment is the close of business on Friday, 11 May 2007 for all
the Exchanges where the Company's shares are listed. The last day to trade
cum-dividend on the JSE and on the Namibian, Zimbabwe and Malawi Stock Exchanges
will be Friday, 4 May 2007 and Tuesday, 8 May 2007 for the London and Stockholm
Stock Exchanges. The shares will trade ex-dividend from the opening of business
on Monday, 7 May 2007 on the JSE and on the Namibian, Zimbabwe and Malawi Stock
Exchanges and from the opening of business on Wednesday, 9 May 2007 on the
London and Stockholm Stock Exchanges.
Share certificates may not be dematerialised or rematerialised on the South
African branch register between 7 and 11 May 2007, both dates inclusive, and
transfers between the registers may not take place during that period.
Ends
Old Mutual
Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London, Johannesburg and
Stockholm stock exchanges, among others.
By conducting its business worldwide under its core values of integrity, respect
and accountability, Old Mutual aspires to push beyond boundaries to drive value
for all its stakeholders.
In the year ended 31 December 2006, the group reported an increase in adjusted
operating profit of 16% to £1.4 billion (IFRS basis). Old Mutual had £239
billion of funds under management at 31 December 2006, and 53,000 employees.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Enquiries
Investor Relations
Malcolm Bell UK +44 (0)20 7002 7166
Deward Serfontein SA +27 (0)21 509 8709
Media
James Crampton UK +44 (0)20 7002 7133
Nad Pillay SA + 27 (0)21 504 8026
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