Share certificates tend to get lost, misplaced or damaged through wear and tear over time. With the global move towards digitalisation and information security, Bula Tsela elected to issue all ordinary shares under the Scheme in uncertificated form so that all records of shares held by each shareholder would be in electronic form. Therefore no share certificates were issued.  However, should a shareholder require proof of ownership, a request can be made to Singular Services and (i) a share statement can be issued; (ii) a share certificate may be issued in the name of Singular which holds the shares on behalf of the shareholder and such share certificate retained by Singular for safekeeping. Please contact Singular Services at 087 015 0395 or email bulatsela@singular.co.za

Per the Memorandum of Incorporation and Prospectus, the Scheme is locked in for a period of 10-years, until November 2032.  The Company will, however, list the ordinary shares on an empowerment segment exchange at the time, in a year of the Scheme, thus allowing shareholders to freely trade shares among other Black Persons (i.e. buy more shares from sellers or sell or otherwise transfer any or all of their shares) through this exchange.

Since the Scheme is locked-in for the first five years, shareholders cannot trade buy, sell or transfer their shares during this period. Bula Tsela is listed on an exchange (which will happen in about year 5 of the scheme), current shareholders can sell their shares through the exchange or buy additional shares and new shareholders (who are not currently part of the Scheme) can buy shares from shareholders who are willing to sell).

The debt funding is in the form of a preference share arrangement. Bula Tsela has a contractual obligation to pay an annual coupon / interest to the funder per the funding arrangement. The coupon is linked to the prime interest rate and would therefore increase or decrease as the prime rate moves (movements in the prime rate are determined by the Reserve Bank).

• The shares will form part of the deceased estate and the executor of the estate as confirmed by the Master of the High Court will distribute the shares as part of the winding up process. If the shareholder dies with a will in place, the shares will be transferred to the nominated beneficiaries in accordance with the will. If the shareholder passes away without a will, the executor will distribute such shares in accordance with the laws of intestate succession which is determined by affinity i.e. usually the shareholder’s spouse(s), children or blood relatives will be entitled to the shares.
• The beneficiaries will need to comply with the Scheme participation rules (e.g. BEE verification) before the shares are transferred.

• Shareholders should engage with their financial advisors and Singular Services to assist them with the share transfer.

Please contact Singular Services at 087 015 0395, email bulatsela@singular.co.za or via WhatsApp https://wa.me/message/BOT7UO75IUVJD1?src=qr.

• A preference share is a specific type of funding instrument that allows that shareholder limited rights – including the right to receive a coupon (which is equivalent to a dividend paid to an ordinary shareholder but is usually a fixed rate or linked to variable rate, such as the interest rate) and the right to vote on very specific decisions with respect to the company (usually only decisions that impact their rights as preference shareholder). Preference shareholders are not exposed to the full risks and rewards that an ordinary shareholder is exposed to.
• An ordinary shareholder is an individual or entity that owns ordinary shares of a company which entitles that holder to the full risks and rewards attached to that company. Ordinary shares are entitled to participate in the residual profits of the company (after lenders and preference shareholders have been settled what is owed to them). Ordinary shareholders also have voting rights in matters such as the election of the board of directors and major decisions regarding the company.

Annual Financial Statements reflect the financial performance of a company over a financial year (its revenue, expenses and net profits earned) and financial position at the end of that financial year (its assets and liabilities). AFS are presented by the Board of the Company to its shareholders at an Annual General Meeting.

Shareholder related information, including the audited Annual Financial Statements of Bula Tsela can be found the Singular Services website or you can Download the 2024 Annual Financial Statements here.

All registered beneficial owners of Bula Tsela shares can log on to the Singular FS platform (www.singularfs.co.za) to view their profile which will include their share balance. Alternatively, beneficial owners can contact Singular Services at email address bulatsela@singular.co.za or telephonically on 0870150395 for further assistance.

Prior to the listing of Bula Tsela shares, those shares will not be traded and will therefore not have a listed price. Prior to the listing. Bula Tsela will produce annual financial statements to reflect performance. The market price of the Old Mutual shares is likely to be the most important factor affecting the value of Bula Tsela shares, although such value is also significantly impacted by the financing obligations and other factors impacting Bula Tsela.

It is called “beneficial ownership” because you have the entitlement to the benefits attaching to the shares. You, as beneficial owner, are entitled to the same dividends as if you were the shareholder, and have the right to determine how the shares are voted as if you were the shareholder. The Company has structured your holding in this way with one eye on the future listing of the shares on a stock exchange - having Singular Services Nominees as a shareholder, and you as beneficial owner mirrors the typical way in which people hold shares in listed companies these days – the shares are held by an intermediary and members of the public are the beneficial owners behind that intermediary. That intermediary is obliged to pass dividends on to the beneficial owners and is obliged to vote in accordance with the beneficial owners’ instructions or to allow the beneficial owners to vote themselves if they wish to.

Once you have fully paid your R1 000, you will be allocated 100 Bula Tsela shares.

Refunds are owed to customers who paid cash deposits into the Bula Tsela bank account without providing the correct contact details or bank reference. The Bula Tsela team together with Singular Services have explored every available avenue including radio and branch communications to trace these members of the public. Refunds can only be processed once Singular Financial Services receives FICA verified documents including valid bank account details. If you have any queries or suspect you are owed a refund, please contact us at email address bulatsela@singular.co.za or on telephone number 087 0150 395 for assistance.

The purpose of the offer was to raise the monies Bula Tsela required to fund the acquisition of Old Mutual shares. Bula Tsela would not have raised the required monies if it needed to use some of the monies received from successful applicants to pay interest to unsuccessful applicants. The prospectus stated that no interest would be paid on refunds.

An allocation methodology was applied which aimed to achieve the broadest possible base of B-BBEE participants. This bottom-up waterfall approach was used to ensure that all valid applicants received a base allocation of Bula Tsela Shares with the balance of the shares being allocated towards applicants who applied for a number of Bula Tsela Shares in excess of the base allocation.

You will be able to sell your shares once the Company lists on a securities exchange. This is expected to occur in or about 2027.

The Old Mutual Bula Tsela Retail Scheme (RF) Ltd (“RetailCo”) may make a dividend distribution in respect of its ordinary shares provided  (ii) the distribution is in line with section 46 of the Companies Act, 71 of 2008 (the Companies Act) and (ii) the RetailCo Board approves the distribution by resolution. In doing so, RetailCo has to ensure that it complies with its undertakings to OML (as holder of preference shares in RetailCo) under the preference share terms. Under the preference share terms, 15% of the dividend received from OML (net of amounts required to pay or provide for (i) tax liabilities and (ii) a reasonable estimate of operational expenses) can be distributed in respect of its ordinary shares.

The RetailCo Board therefore takes into account the preference share repayment due to OML, any tax liabilities payable and the operational expenses that needs to be accounted for in the next 12 months in determining whether or not the Board can declare an ordinary dividend and the amount of the ordinary dividend that can be declared.