Old Mutual Limited Extension of Old Mutual Share Repurchase Programme (6736Y)
May 10 2019 - 05:15AM
UK Regulatory
TIDMOMU
RNS Number : 6736Y
Old Mutual Limited
10 May 2019
Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or "the Company")
Ref 19/19
10 May 2019
EXTENSION OF OLD MUTUAL SHARE REPURCHASE PROGRAMME
Old Mutual announces that the share repurchase programme
announced by the Company on 11 March 2019 has been extended by R500
million, bringing the maximum consideration of the share repurchase
programme to R2.5 billion (the "Extended Programme").
As previously, the Extended Programme will be effected in
accordance with the General Authority received by way of a
shareholder resolution passed at the AGM, held on 6 March 2018,
allowing the Company to repurchase up to 247 102 418 ordinary
shares, equivalent to 5% of the issued share capital of the
Company. OML has approval from the Prudential Authority for the
Extended Programme.
The OML Board believes that OML is trading at a discount to its
intrinsic value and is of the view that a share repurchase
programme will deliver longer term incremental value to
shareholders. The management team remains committed to following a
disciplined trading approach under the share repurchase programme
and will only repurchase shares to the extent that market
conditions are favourable. The purpose of the repurchase programme
is to reduce the share capital of the Company.
The Repurchased Shares shall be cancelled as issued shares and
will revert to authorised but unissued share capital status.
This announcement is also available on the Old Mutual website at
www.oldmutual.com.
Sponsors
Johannesburg Stock Exchange Merrill Lynch South Africa (Pty) Limited
Namibia PSG Wealth Management (Namibia) (Proprietary)
Limited
Zimbabwe Imara Capital Zimbabwe plc
Malawi Stockbrokers Malawi Limited
Enquiries
Investor Relations
Sizwe Ndlovu T: +27 (0)11 217 1163
Head of Investor Relations E: tndlovu6@oldmutual.com
Communications:
Tabby Tsengiwe T: +27 (11) 217 1953
Head of Communications M: +27 (0)60 547 4947
E: ttsengiwe@oldmutual.com
Notes to Editors
About Old Mutual Limited
Old Mutual is a premium African financial services group that
offers a broad spectrum of financial solutions to retail and
corporate customers across key markets segments in 17 countries.
Old Mutual's primary operations are in South Africa and the rest of
Africa, and it has niche business in Asia. With over 170 years of
heritage across sub-Saharan Africa, we are a crucial part of the
communities we serve and broader society on the continent.
For further information on Old Mutual, and its underlying
businesses, please visit the corporate website at
www.oldmutual.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCLIFIAEIIILIA
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