Demutualisation
Assupol Life was a mutual society up to December 2010, when it demutualised and converted to a public company.
The demutualisation did 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?
Assupol shares are traded on the exchange operated by 4 Africa Exchange (Pty) Limited (“4AX”). In order to trade your Assupol shares, you will be required to open a stockbroker account with a 4AX- approved stockbroker such as A-Trade Proprietary Limited (“A-Trade”). For more information on how to trade your Assupol shares, please visit the “Trade our shares”-page or click here.
Confirm your personal particulars by phoning the Assupol Life demutualisation call centre on 0861 235 664, 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.
If you do not confirm your particulars by 31 December 2020, you will forfeit all your rights and entitlements in terms of the demutualization scheme, and your shares will be transferred to a charitable trust.
Please send your complaint to Assupol Life at complaints@assupol.co.za, and to the Financial Sector Conduct Authority at PO Box 35655, Menlo Park, 0102 or assupolcomplaints@fsca.co.za. The Financial Sector Conduct Authority‘s details are available at www.fsca.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.
