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Demutualisation

Assupol Life was a mutual society up to December 2010, when it demutualised and converted to a public company. 

Qualifying members of Assupol Life became shareholders of Assupol Holdings Limited, a newly created holding company that holds 100% of the shares in Assupol Life.

The demutualisation did not, and will not, affect policies or policy benefits.

Qualifying members received redeemable preference shares which they could exchange for cash, unless they by 30 April 2011 elected to retain their shares.

The preference shares of qualifying members who did not elect to retain their shares were redeemed at a price of R2.50 per share on 18 February 2013.  On 27 March 2013, the preference shares of members who elected to retain their shares converted to ordinary shares.

The payment to qualifying members whose shares were exchanged for cash (redeemed) began in April 2013.  Pay-outs to qualifying members are made only once they have confirmed their particulars as well as their bank account details.

What must I do if I had shares that were exchanged for cash?

Contact the Assupol Life demutualisation call centre on 0861 84 84 44 or visit any Assupol Life office.  You need to confirm your personal particulars as well as your bank account details before your payment can be processed.

What can I do if I elected to keep my shares?

Shares in Assupol Holdings Limited are traded on an over-the-counter (OTC) share-trading facility. If you want to sell your shares, you need to verify your particulars.  You can do this by contacting the Assupol OTC call centre on 011-3215562 or by visiting www.assupolshares.co.za.  To trade on the OTC, you will need to submit Fica documentation.  You can then sell your shares, or buy more shares, on the OTC share-trading facility.  More information is available at www.assupolshares.co.za/FAQ.aspx.

FAQ’s

What must I do to find out if I am a qualifying member?

Confirm your personal particulars by phoning the Assupol Life demutualisation call centre on 0861 84 84 44, or by visiting any of the Assupol Life offices countrywide to complete a confirmation form. You can also download the confirmation form and submit the completed form by fax to 012-3663512 or by e-mail to dinfo@assupol.co.za. This will enable us to determine if you are a qualifying member entitled to free shares.

By when should I confirm my particulars?

If you do not confirm your particulars by 31 December 2020, you will forfeit all your rights and entitlements in terms of the demutualisation scheme, and your shares will be transferred to a charitable trust.

What must I do if I have a complaint about the demutualisation?

Please send your complaint to Assupol Life at dcomplaints@assupol.co.za, and to the Financial Services Board at PO Box 35655, Menlo Park, 0102 or assupolcomplaints@fsb.co.za. The Financial Services Board's details are available at www.fsb.co.za. Please note that neither the Fais Ombud nor the Long-term Insurance Ombudsman will be able to assist you with questions or complaints you may have about the demutualisation.