Old Mutual to extend share-claiming period

OLD Mutual Namibia is considering extending by another two years the period that the 5 326 shareholders can come forward and claim their shares valued at a total of N$20 million.

The five-year claiming period since Old Mutual demutualised in 1999 has come to an end and yet there are still 5 326 shareholders who are yet to claim over 1,7 million shares in the company. Addressing a press conference yesterday, Old Mutual Namibia chief executive officer Johannes !Gawaxab said a decision to extend the claiming period had been taken, and would be confirmed by the Unclaimed Shares Trust Board on August… In the five years, !Gawaxab said his organisation had spent N$750 000 on advertisements and road shows in both urban and rural areas in a bid to find the shareholders.He explained that unfortunately the names of the shareholders – 50 per cent of which the company estimates live in rural areas – could not be published in the media, according to the law.”We are doing everything in our power to inform and trace over 5 000 shareholders who still have to claim over N$20 million worth of unclaimed shares.”With our transparent actions we continue to explore all avenues to find these Namibians in order for them to claim what is rightfully theirs,” said !Gawaxab.He also said that all policyholders who had policies by September 25, 1998, and had not yet registered their shares should contact Old Mutual to verify if their shares had been registered.Old Mutual in Namibia, Zimbabwe, South Africa and Malawi demutualised simultaneously in July 1999 and was listed on the respective different stock exchanges.Old Mutual Namibia then gave out over five million shares to qualifying policyholders.Addressing a press conference yesterday, Old Mutual Namibia chief executive officer Johannes !Gawaxab said a decision to extend the claiming period had been taken, and would be confirmed by the Unclaimed Shares Trust Board on August… In the five years, !Gawaxab said his organisation had spent N$750 000 on advertisements and road shows in both urban and rural areas in a bid to find the shareholders.He explained that unfortunately the names of the shareholders – 50 per cent of which the company estimates live in rural areas – could not be published in the media, according to the law.”We are doing everything in our power to inform and trace over 5 000 shareholders who still have to claim over N$20 million worth of unclaimed shares.”With our transparent actions we continue to explore all avenues to find these Namibians in order for them to claim what is rightfully theirs,” said !Gawaxab.He also said that all policyholders who had policies by September 25, 1998, and had not yet registered their shares should contact Old Mutual to verify if their shares had been registered.Old Mutual in Namibia, Zimbabwe, South Africa and Malawi demutualised simultaneously in July 1999 and was listed on the respective different stock exchanges.Old Mutual Namibia then gave out over five million shares to qualifying policyholders.