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• They can then issue a written notice to shareholders saying that the annual report is available online and that the report in print format will only be delivered to the shareholder should they request in writing or via electronic means.

Suggested process:

A: Your sponsor needs to approve the electronic delivery strategy in the context of the companies act sections 6(10) and 6 (11).

B: Your sponsor can then apply to the JSE for a ruling in terms of the listing requirements. The JSE’s apparent position is that they will review this on a case-by-case basis:

Clearly there will be huge savings from this process, it would be interesting to gauge your sponsors view on the above.

To prepare for this new environment, that appears to inevitable, we have put in place the following: –

Print reports on demand

It is not a complicated process to create a print file from the online report, using our server based PDF functionality – we simply write the online report to a single carefully crafted PDF file.

Working with Hirt & Carter, SA’s premier digital printer, we have established a ball park price of approx R400 – R750 per printed report (volume dependent) for those shareholders who actually request a printed copy.

Electronic delivery environment

AlertsCentral is a revolutionary platform that enables your shareholders to manage their alerts, calendar and events with one login.

Key features

• Copy and paste to issue alerts to all your registered users
• Alerts, calendars and events grouped for user
• One-click registration for events
• Shareholders verified against register and can accept electronic delivery

Latest update from the JSE:

Section 3 and the appendix to Section 11 the listings requirements state ““distribute to all holders of securities”. Distribute is defined as “the delivery of notices as provided for in terms of Section 6(10) of the Act and/or delivery and/or notification of documentation in terms of Section 6(11) of the Act”.

Companies have to comply with the Companies Act in terms of the Listings Requirements. The use of electronic means is not mandatory and therefore an individual choice for each issuer in consultation with their sponsoring broker/DA. I imagine that the shareholder demographics would be a matter for consideration.

However, this must not be confused with submission to the JSE – these have to be electronic; even though an issuer has distributed hard copies to shareholders.

Kindly be advised that the Companies Act is changing with effect from 1 May 2013 to address conflicts between MOIs and the Companies Act.

It may also be a good idea to be familiar with arrangements with Strate, especially where shares are held through a nominee company.

For more information please contact Oliver Hoffmann on ohoffmann@investoreports.com

Investis in the UK, Nexxar in Europe, Thomson in the USA, and Investoreports in Africa.

Why?

Because they are driven by people who for years have been passionate about the application of the web to stakeholder reporting. They are populated by people who understand web usability, web strategy, web design, SEO. They have a legacy of proprietary site tools that they are constantly evolving.

On the other hand print agencies have been web denlalists for years, arguing for the use of PDFs not proper HTML, pushing forward the dreaded “interactive PDF” options.

Finally as legislative changes cut back their print income, they are looking to online to replace the lost revenue.

How little interest and belief do the South African annual report print agencies have in the web?

Of the top two SA annual report print agencies, one still does not have a website at all, and one has a holding one pager.

Go figure…

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