OLD MUTUAL UPDATE ON MANAGED SEPARATION TIMETABLE AND PUBLICATION OF SHAREHOLDER DOCUMENTATION
Old Mutual plc’s 2017 Annual Results announcement of 15th March 2018 included information of the further steps required to effect its strategy of managed separation. Old Mutual plc has today published a circular (the “Circular”) to its shareholders including proposals regarding the final processes needed to complete its managed separation. The Circular will be available at: www.oldmutualplc.com. In addition, Old Mutual Limited (“OML”) has also published its pre-listing statement (the “OML PLS”), which will be available at www.oldmutual.com, and Quilter plc (“Quilter”) has published its listing prospectus (the “Quilter Prospectus”), which will be available at https://www.oldmutualwealth.co.uk/quilter/investor-relations/.
OML and Nedbank Group Limited (“Nedbank”) have also signed their relationship agreement (“Relationship Agreement”) to govern the terms of the relationship upon completion of managed separation and replace the historic relationship agreement between Old Mutual plc and Nedbank. The Relationship Agreement will be available online at www.oldmutualplc.com and www.nedbankgroup.co.za and in physical form at OML’s offices at Mutualpark, Jan Smuts Drive, Pinelands, 7405, and Nedbank’s head office at 135 Rivonia Road, Sandown, 2196, South Africa.
The proposals to finalise the managed separation require Old Mutual plc shareholder and UK Court approvals. If the proposals are approved by shareholders and the UK Court, and upon listing of the relevant securities as set out in the summarised timetable below, for every three Old Mutual plc shares held shareholders will receive:
• one ordinary share in Quilter (formerly Old Mutual Wealth); and
• three ordinary shares in Old Mutual Limited (the new holding company of Old Mutual Emerging Markets, the holding in Nedbank, and residual Old Mutual plc),
and shareholders will no longer hold any shares in Old Mutual plc, which will be delisted.
It is proposed that the managed separation is finalised in three principal steps, as follows: