Dividends

The Company has instituted a policy of making an annual distribution to shareholders subject to annual review which will be influenced by business growth, acquisition activity, or changes in reported earnings resulting from applying fair value accounting principles.

The Group paid US$20,5 million to shareholders as a capital distribution in July 2008. Following the increased cash generation for the 2009 financial year, the Group plans to maintain its cash distribution in lieu of a dividend of 12 US cents per share (2008: 12 US cents per share) out of share premium.

The Board has adopted a policy to pay an annual dividend/capital distribution, which will provide cover of at least three times relative to underlying earnings.

In 2008 the Group distributed out of share premium, in lieu of a dividend, 90 RSA cents per share (approximately 12 US cents per share). This is an increase of 20% over the prior year (2007: 72 RSA cents or 10 US cents) which represents a cover of 3,8 times relative to headline earnings.

In 2007 the Group decided to make a cash distribtion to shareholders out of share premium, which represented a cover of 3,7 times headline earnings.

In 2006 the Group decided to make a cash distribution to shareholders out of share premium, which represents a cover of 5,7 times headline earnings.