YeboYethU, the broad-based black economic empowerment arm of Vodacom, says it is trying to find thousands of elusive shareholders who are yet to claim millions of rand in dividend payouts.
Last August, YeboYethu announced it was looking for thousands of shareholders owed close to R74 million.
“As things stand, 11 515 shareholders have not claimed dividends with a total value of R66 178 220.60,” a Vodacom official told TechFinancials.
The revelation that just over R66 million was yet to be claimed suggests that YeboYethu has only paid out R8 million to investors.
Some of the reasons why dividends were not yet paid include changed banking details that were not updated with YeboYethu and shareholders passing on.
The Vodacom YeboYethu empowerment scheme was established in 2008 and allowed black people to purchase Vodacom SA shares at a discount.
This year marks 13 years of YeboYethu.
In 2008, Vodacom facilitated a R7.5 billion B-BBEE deal where different groups acquired shares in its South African operations (Vodacom SA).
The groups were YeboYethu, Thebe Investment Corporation, Royal Bafokeng Holdings, and Vodacom SA employees (ESOP). That deal was set to mature in 2018.
Instead of liquidating the 2008 deal and distributing cash to investors, as it usually happens in B-BBEE deals, Vodacom opted to extend its life by another ten years to 2028, making for a new R17.5 billion formation.
In the past 12 months, the share price has shot up by more than 100%, pushing the YeboYethu scheme’s market value to R2,1 billion.
Today, stock trades above R40 a share, and in the past 90 days was up 24,9%.
Here’s what to do if you suspect that you are due an unclaimed dividend
Contact the company directly
Contact us Call centre: 010 285 0090 (standard call rates apply) or 082 241 0001 (toll-free from your Vodacom cellphone) Fax us at: 086 249 1030 Email us at: email@example.com
Change of details form – available on page 45 or can be obtained from the website or walk-in centres.
Identity document – certified copy of the green bar-coded South African Identity Document, Smart ID Card (both front and back) or passport reflecting the South African identity number. Certification should be done through a police station or through a Commissioner of Oaths that has a valid stamp stating ‘Commissioner of Oaths’. Certification should also be dated and not older than one year.
Bank account details – bank confirmation letter or bank stamped bank statement verifying the bank account details not older than three months, no third-party bank accounts are permitted. This is available on most banking applications. Proof of physical address – service bill or utility statement reflecting the shareholders’ name and physical address, certified by a Commissioner of Oaths, not older than three months. Should you receive your statements electronically please send the uncertified statement together with the original email from the service provider.