LONDON (Alliance News) – Old Mutual PLC said on Friday Old Mutual Ltd expects to list on the Johannesburg Stock Exchange on June 26 following shareholder approval.
Old Mutual Ltd, Old Mutual PLC’s sub-Saharan African insurance, savings, and asset management businessis also expected to have a standard listing on the London Stock Exchange’s Main Market as well as secondary listings in Malawi, Namibia and Zimbabwe.
In addition, Old Mutual Ltd and Nedbank Group Ltd have signed the relationship agreement to govern the terms of the relationship on the completed separation, replacing the agreement between Old Mutual PLC and Nedbank.
The proposals to finalise the separation requires approval from Old Mutual PLC shareholders and the UK court. If approved, for every three Old Mutual PLC shares shareholders will gain one share in Quilter PLC, formerly known as Old Mutual Wealth, and three shares in Old Mutual Ltd, with Old Mutual PLC delisting.
The final separation will proceed in three steps: The listing of Quilter and the distribution of 86.6% of Quilter’s issued share capital to Old Mutual PLC shareholder; the listing of Old Mutual Ltd in South Africa; and the unbundling of Nedbank which will involve 32% of its share capital distributed to Old Mutual Ltd shareholders.
Shareholder approval will be sought at a general meeting on May 25.
Chief Executive Officer Burce Hemphill has resigned from the boards of Old Mutual Group Holdings and from Quilter, and Finance Director Ingrid Johnson resigned from the board of Quilter, and her duties as chief financial officer for Old Mutual Ltd will be transferred to Casper Troskie.
“We are on track with our listing as part of the managed separation process and the publication of the PLS is a key milestone in this process. The listing of OML on the JSE will signal the return of Old Mutual to Africa where it is well positioned to offer the best solutions to our customers within our key client segments,” said Peter Moyo, chief executive officer of Old Mutual Ltd.
Shares in Old Mutual PLC were up 0.1% at 242.80 pence on London, and closed up 0.5% at ZAR41.20 in Johannesburg.