Circ re Voluntary Winding-Up

RNS Number:7665P
Old Mutual South Africa Trust PLC
18 January 2007

Old Mutual South Africa Trust plc (the "Company")





Proposed voluntary winding-up of the Company

The Board of Old Mutual South Africa plc announces that it has today published a
Circular to shareholders in relation to the proposed voluntary winding-up of the
Company.  Terms used in this announcement shall have the same meaning as set out
in the Circular.



Background to and reasons for the Proposals

On 6 December 2006, after the resolution for the Company to continue for a
further year as an investment trust was not carried at the annual general
meeting of the Company held on that day, the Board announced its intention to
put forward, as soon as practicable, proposals for the liquidation of the
Company to return cash to Shareholders.

The Board has considered alternatives for the future of the Company. Having
considered, and taken advice on, all the options available at this time, the
Board has concluded that a voluntary winding-up is the most effective and
economical way of bringing the Company to an end.



The Proposals

It is proposed that the Company will be wound up on 13 February 2007. From that
point the Liquidators will take over management of the Company from the
Directors.

In the meantime, the Board intends to continue to conduct the affairs of the
Company in accordance with the investment objective. However, in order to allow
the Liquidators to make an initial distribution payment on or around 20 February
2007, and on the assumption that the Resolutions will be passed, it is intended
that all the Company's assets will be held in cash or near cash by the time the
Liquidators are appointed.

The Liquidators will set aside sufficient assets in a Liquidation Fund to meet
the Company's liabilities, including the costs of the Proposals. The Liquidators
will also provide in the Liquidation Fund for a Retention which they consider
sufficient to meet any contingent and unknown liabilities of the Company. This
Retention is currently expected not to exceed #150,000. The Liquidators intend
to make an initial liquidation distribution as soon as practicable after the
Company is placed in liquidation.

The expenses, including VAT, incurred in relation to the Proposals (including
all printing costs, postage costs, professional advice, termination fees and the
Liquidators' charges) are currently estimated to amount to approximately
#358,000 equivalent to approximately 0.7 pence per Share.

As at the close of business on 12 January 2007 (the latest practicable date
prior to the publication of this document), the unaudited net assets of the
Company (after the payment of the interim dividend referred to below and the
costs of the scheme) would have been approximately #94,420,075 (equivalent to
approximately 1.8959 per Share). On this basis, and assuming no change in the
net asset value, the Board estimates that the first cash distribution would be
#1.8857 per Share. The Company publishes weekly net asset values on a capital
only basis via a Regulatory Information Service.



Interim Dividend

The Board announced on 15 January 2007 that an interim dividend of 1.96 pence
per Share is to be paid to Shareholders on 9 February 2007 in respect of the
Company's retained revenue reserves, representing an aggregate amount equal as
nearly as practicable to the retained revenue reserves as at 31 August 2006. The
record date determining which Shareholders are entitled to receive the interim
dividend is the close of business on 26 January 2007.



Arrangements with the Investment Manager and the Company's service providers

Assuming the Proposals proceed, the Investment Manager's appointment will be
terminated with effect from the Effective Date. The compensation payable in
connection with the termination of this appointment upon the winding-up of the
Company will be #159,462. This amount is included in the costs of liquidation of
the Company and the Board's distribution estimate referred to above.

All other arrangements with the Company's service providers will be terminated
upon the Company being placed into liquidation or when any services being
performed in connection with the Proposals have been completed. No compensation
is payable in connection with such terminations.



Cancellation of listing

Dealings in Shares on the London Stock Exchange will be suspended on the morning
of the EGM and on the same date the listing on the Official List will be
suspended. Shareholders should be aware that, should the Proposals be
implemented, the listing of the Shares on the Official List will be cancelled.



Extraordinary General Meeting

The implementation of the Proposals will require Shareholders to vote in favour
of the Resolutions at the EGM, which has been convened for 11.00 a.m. on 13
February 2007.  The Resolutions proposed at the EGM will require the approval of
75 per cent. or more of the votes cast at the Meeting, whether in person or by
proxy. The Proposals are conditional on the passing of the Resolutions at the
EGM.

The suspension of the listing of the Shares on the Official List will be
effected following the passing of the Resolutions effecting the Proposals. The
date of suspension is expected to be 13 February 2007. Thereafter the listing of
the Shares will be cancelled in due course.



1.  EXPECTED TIMETABLE

Record date for Interim Dividend                                                           26 January 2007
Latest time and date for receipt of Forms of Proxy for use                  11.00 a.m. on 11 February 2007
at the Extraordinary General Meeting
Payment of Interim Dividend                                                                9 February 2007
Extraordinary General Meeting                                               11.00 a.m. on 13 February 2007
Register closes and Record Date for Shareholder entitlements         close of business on 12 February 2007
in respect of the liquidation
Suspension of Shares from trading on the London Stock                                     13 February 2007
Exchange and suspension of the listing for the Shares on the
Official List
Expected first cash distribution to Shareholders                             On or around 20 February 2007
Cancellation of Listing                                                      7.30 a.m. on 13 February 2008



Enquiries
Angus Gordon Lennox                                  [phone]



18 JANUARY 2007




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