LONDON, March 13, 2003 (PRIMEZONE) -- On February 24, 2003, the Directors of Old Mutual plc (Other OTC:ODMTF) (LSE:OML) announced that they were recommending a final dividend for the year-ended December 31, 2002 of 3.1 pounds per share (making a total of 4.8p for the year).
As stated in that announcement, the local currency equivalents of theproposed dividend for shareholders on the South African, Malawi and Zimbabwe branch registers and the Namibian section of the principal register will be determined using the exchange rates prevailing on Thursday, 3 April 2003 and will be announced by the Company on Friday, April 4, 2003.
Certain shareholders on the Zimbabwe branch register have approached Old Mutual plc for clarification on the likely rate of exchange to be applied in Zimbabwe, following the gazetting of Zimbabwe Statutory Instrument 83A of 2003 on 27 February 2003 ("Statutory Instrument83A"). The official exchange rate was used to determine the Zimbabwe dollar equivalent of previous dividends paid by Old Mutual plc.
Statutory Instrument 83A provides that a rate of Z$824 to the United States dollar should be used for all transactions other than those where the State is the buyer or seller of foreign currency. Old Mutual plc therefore intends, subject to the provisions of Statutory Instrument 83A remaining in force on 3 April 2003, to apply a Zimbabwe dollar/sterling exchange rate based on Z$824 per United States dollar in calculating the dividend to be paid to shareholderson the Zimbabwe branch register.
The final dividend is subject to approval at the Annual General Meeting of Old Mutual plc, which is to be held in London on Wednesday, May 16, 2003. Subject to being so approved, the finaldividend will be paid on Friday, May 30, 2003.