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Category Investments

Notifiable

16 September 2004 Angelo Coppola

Old Mutual plc has announced that it was notified on 10 September 2004 that Public Investment Commissioners of South Africa (PIC) had a notifiable interest.

This was in accordance and for the purposes of Part VI of the UK Companies Act 1985, in 382,584,914 shares in the Company, representing approximately 9.97% of the Company’s current issued ordinary share capital.

Note:
PIC is a non-banking financial intermediary responsible for the investment of public sector pension and provident funds and various social security and trust funds in South Africa.

At 31 December 2003 its disclosed shareholding in the company was 285,726,184 shares, representing approximately 7.4% of the then issued capital.

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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