Old Mutual Sets Out Timetable for Separation, Listings of Constituents
April 20 2018 - 11:49AM
Dow Jones News
By Adam Clark
Old Mutual PLC (OML.LN) on Friday set out the timetable and
further details of its previously announced separation into its
constituent businesses.
Old Mutual PLC said the separation will mean that for every
three shares currently held in Old Mutual PLC, shareholders will
receive one share in Quilter PLC and three ordinary shares in Old
Mutual Ltd.
Quilter PLC is the former Old Mutual Wealth business. Old Mutual
Ltd. is the new holding company for the combination of the
company's stake in South Africa's Nedbank, Old Mutual Emerging
Markets, and the residual assets of Old Mutual PLC itself.
A total of 87% of Quilter shares will be distributed to current
Old Mutual PLC shareholders, with the remainder placed with
institutional investors and Quilter's employee and management
ownership plan. Quilter is expected to be admitted to the London
and Johannesburg stock exchanges on June 25.
This will be followed by the listing of Old Mutual Ltd. on June
26. The company will have its primary listing on the Johannesburg
Stock Exchange, and a standard listing in London.
Approximately six months after the Old Mutual Ltd. listing,
Nedbank will be unbundled, Old Mutual said. The company said it
intends to distribute 32% of Nedbank's share capital to Old Mutual
Ltd. shareholders, while Old Mutual Ltd. will retain a 20%
stake.
Old Mutual said the separation plan is subject to shareholder
approval.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
April 20, 2018 11:34 ET (15:34 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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