Wrap Text
Publication of Pre-listing Statement and expected listing date announced
Old Mutual Limited
(formerly, Old Mutual Proprietary Limited and K2017235138 (South Africa) Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2017/235138/06)
ISIN: ZAE000255360
JSE Share Code: OMU
NSX Share Code: OMM
Old Mutual Limited
Ref 01/18
20 April 2018
Old Mutual Limited (“OML”)
Publication of Pre-listing Statement and expected listing date announced
OML has published its pre-listing statement (“PLS”) in connection with the proposed
admission of ordinary shares in OML to a primary listing on the Johannesburg Stock
Exchange (“JSE”). It is expected that the listing will take place on 26 June 2018
following receipt of the requisite approvals, including approval by Old Mutual plc
shareholders.
It is expected that OML will also have a standard listing in the United Kingdom and will
trade on the London Stock Exchange’s (“LSE”) main market for listed securities, and
secondary listings on the Malawi Stock Exchange (“MSE”), the Namibian Stock
Exchange (“NSX”) and the Zimbabwe Stock Exchange (“ZSE”).
In March 2016, Old Mutual plc announced that the long-term interests of its
shareholders and other stakeholders would be best served by separating the four
businesses then owned by the Old Mutual plc Group from each other so that they
could operate as fully independent businesses. This was described as a “Managed
Separation”. As part of Managed Separation, OML, the sub-Saharan African
insurance, savings and asset management business, will become an independently-
listed, standalone Group, and publication of the PLS is an important step in this
process.
Peter Moyo, OML CEO, says, “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.“
OML's ordinary shares have been registered with ISIN number ZAE000255360. It is
expected that its ordinary shares will be traded on the JSE in the "Life Insurance" sector
under the abbreviated name "OMUTUAL" and share code "OMU", the LSE under the
share code “OMU”, the MSE under the abbreviated name "OMUTUAL" and share
code "OMU", the NSX under the abbreviated name "OMUTUAL" and share code
"OMM" and the ZSE in the "Life Insurance" sector under the abbreviated name "O
MUTUAL" and share code "OMU".
The PLS has been approved by, among others, the JSE, the UK Listing Authority, the
MSE, the NSX and the ZSE. The PLS contains important information on OML and will be
available, subject to applicable securities laws, on Old Mutual plc’s website at
www.oldmutualplc.com and OML’s website at www.oldmutual.com or in hard copy
by request.
The PLS has also been submitted to the National Storage Mechanism and will be
available for inspection at www.morningstar.co.uk/uk/NSM.
OML and Nedbank Group Limited (“Nedbank”) have also signed their new
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 can be accessed on online at www.oldmutualplc.com and on
Nedbank’s website at 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.
Joint Financial Adviser
Merrill Lynch International
Rothschild (South Africa) Proprietary Limited
JSE Sponsor
Merrill Lynch South Africa Proprietary Limited
Malawi Stock Exchange Sponsor
Stockbrokers Malawi Limited
Namibian Stock Exchange Sponsor
PSG Wealth Management (Namibia) Proprietary Limited
Zimbabwe Stock Exchange Sponsor
Imara Edwards Securities (Private) Limited
South African Legal Adviser
Webber Wentzel
International Legal Adviser
Linklaters LLP
-Ends-
Enquiries
Chief Communications Officer
Tabby Tsengiwe
ttsengiwe@oldmutual.com
Telephone: +27 (11) 217 1953
Mobile: +27 (60) 547 4947
Head: Investor Relations
Nwabisa Piki
npiki@oldmutual.com
Telephone: +27 (11) 217 1951
Mobile: +27 (83) 846 1474
Notes to Editors
About Old Mutual plc
Old Mutual plc is a holding company for several financial services companies. In
March 2016, it announced a new strategy of managed separation entailing the
separation of its underlying businesses into independently-listed, standalone entities.
BrightSphere Investment Group, a US based institutional asset manager, which
rebranded from OM Asset Management in March 2018, is now independent from Old
Mutual. The remaining underlying businesses are:
• OML (which includes Old Mutual Emerging Markets): OML has an ambition to
become a premium financial services group in sub-Saharan Africa and offers
a broad spectrum of financial solutions to retail and corporate customers
across key market segments in 17 countries.
• Nedbank: Nedbank ranks as a top-5 bank by capital on the African continent
and Ecobank, in which Nedbank maintains a 21.2% shareholding, ranks within
the top-10 banks by assets on the African continent.
• Quilter: Quilter (formerly Old Mutual Wealth) is a leader in the UK and in
selected offshore markets in wealth management, providing advice-led
investment solutions and investment platforms to over 900,000 customers,
principally in the affluent market segment.
For the year ended 31 December 2017, Old Mutual reported an adjusted operating
profit before tax of £2.0 billion. For further information on Old Mutual plc and the
underlying businesses, please visit the corporate website at www.oldmutualplc.com.
Forward-looking Statements
This announcement contains forward-looking statements with respect to certain of
OML's plans and its current goals and expectations relating to the execution of
Managed Separation. By their nature, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances which are
beyond OML's control, including amongst other things, those set out in the PLS. As a
result, the execution of Managed Separation may differ materially from the forward-
looking statements set forth in this announcement. These forward-looking statements
speak only as of the date on which they are made. OML expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any forward-
looking statements contained in this announcement or any other forward-looking
statements that they may make.
Important Information
This announcement is not an offer to sell, or a solicitation of an offer to purchase,
securities in the United States or in any other jurisdiction. No offer of ordinary shares in
OML has been made as part of the Admission and the PLS has been issued solely in
connection with the admission of ordinary shares in OML to a primary listing on the JSE,
to the standard listing segment of the UK Official List and to trading on the LSE’s main
market for listed securities, and to secondary listings on the MSE, the NSX and the ZSE.
The securities to which these materials relate have not been and will not be registered
under the US Securities Act of 1933, as amended (the "Securities Act"), or the securities
laws of any state or other jurisdictions of the United States, and may not be offered or
sold in the United States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act. There will be no
public offering of the securities in the United States.
The release, publication or distribution of this announcement and PLS in jurisdictions
other than South Africa, the United Kingdom, Malawi, Namibia and Zimbabwe may
be restricted by law and therefore persons in whose possession any of this
announcement and the PLS comes should inform themselves about, and observe,
any such applicable restrictions or requirements. Any failure to comply with such
restrictions or requirements may constitute a violation of the securities laws and
regulations of any such jurisdiction. To the fullest extent permitted by applicable law,
OML disclaims any responsibility or liability for the violation of such restrictions or
requirements by any person.
This announcement does not comprise a prospectus or a prospectus equivalent
document. Neither this announcement nor anything contained herein shall form the
basis of, or be relied upon in connection with, any offer or commitment whatsoever
in any jurisdiction.
The information contained in this announcement constitutes factual information as
contemplated in section 1(3)(a) of the South African Financial Advisory and
Intermediary Services Act, 37 of 2002, as amended and should not be construed as
an express or implied recommendation, guide or proposal that any particular
transaction in respect of any securities or in relation to the business or future
investments of OML is appropriate to the particular investment objectives, financial
situations or needs of a prospective investor. Nothing in this announcement should be
construed as constituting the canvassing for, or marketing or advertising of, financial
services in South Africa, the United Kingdom, Malawi, Namibia, Zimbabwe or any other
jurisdiction.
Merrill Lynch International, which is authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority, is acting exclusively for OML and no one else in connection with the listing
of OML. Merrill Lynch International will not regard any other person (whether or not a
recipient of this document) as its client in relation to the listing of OML and will not be
responsible to anyone other than OML for providing the protections afforded to its
clients nor for giving advice in relation to the listing of OML or any transaction or
arrangement referred to herein.
Rothschild (South Africa) Proprietary Limited ("Rothschild") is acting exclusively for Old
Mutual plc and OML and no one else in connection with the listing of OML. Rothschild
will not regard any other person (whether or not a recipient of the PLS) as a client in
relation to the listing of OML and will not be responsible to anyone other than OML for
providing the protections afforded to its clients nor for giving advice in relation to the
listing of OML or any transaction or arrangement referred to in this announcement
and in the PLS.
Date: 20/04/2018 04:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
