OLD MUTUAL LIMITED - Old Mutual Bula Tsela transaction

Old Mutual Bula Tsela transaction

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
JSE alpha code: OMLI
("Old Mutual" or “the Company”)


4 November 2022


OLD MUTUAL BULA TSELA TRANSACTION


Introduction


Debtholders are referred to the circular dated 13 July 2022 (“Circular”) and the Old Mutual Bula Tsela Retail Offer
prospectus dated 22 August 2022 regarding the Company’s transformative B-BBEE ownership transaction named Old
Mutual Bula Tsela (“Transaction”), which includes an offer of shares in Old Mutual Bula Tsela Retail Scheme (RF) Limited
(“RetailCo”) to Eligible Members of the Public.


Capitalised terms used in this announcement that are not otherwise defined in this announcement bear the meanings
ascribed to them in the Circular.


Retail Scheme


Following the receipt of shareholder approvals for the Transaction on 12 August 2022, the Retail Offer application
window opened on 22 August 2022 and closed on 24 October 2022 (“Retail Offer Closing Date”).


The verification and allocation process is ongoing.


RetailCo Ordinary Shares are expected to be issued to successful Retail Offer applicants on or around Friday, 25
November 2022. Refunds to unsuccessful applicants will be processed on or around Friday, 9 December 2022.


Issue prices of Old Mutual Shares


Based on the VWAP of Old Mutual Shares with reference to the 5th (fifth) JSE trading day after the Retail Offer Closing
Date:


-   the Notionally-Funded Employee Subscription Shares will be issued to the Employee Trusts at a subscription price of
    R3.39 per share;


-   the Other Employee Subscription Shares will be issued to the Employee Trusts at a subscription price of R10.22 per
    share;


-   the Retail Transaction Subscription Shares will be issued to RetailCo at a subscription price of R10.22 per share; and


-   up to a maximum of 9 750 008 RetailCo Ordinary Shares will be issued to successful Retail Offer applicants.


The Old Mutual Shares to be issued under the Transaction (comprising approximately 205.3 million new Old Mutual
Shares) are expected to be issued to the Employee Trusts, the Community Trust and RetailCo on Monday 21 November
2022. An application will be made for the listing of these shares on the JSE.
Further announcement


An announcement on the results of the Retail Offer will be made on or about 21 November 2022.


Sandton


Corporate Advisers
Tamela Holdings Proprietary Limited
Rand Merchant Bank (a division of FirstRand Bank Limited)


Independent Reporting Accountants and Auditors
Deloitte & Touche


Legal Adviser to Old Mutual
Bowman Gilfillan Inc.


JSE Transaction Sponsor
Merrill Lynch South Africa (Pty) Limited t/a BofA Securities


Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited


Enquiries

  Investor Relations
  Bonga Mriga                               T: +27 67 866 6348
  Interim Head: Investor Relations          E: bmriga@oldmutual.com


  Communications
  Vuyo Mtawa                                M: +27 68 422 8125
  Head: Group Communication                 E: vmtawa@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 market segments in 14 countries. Old Mutual's primary operations are in South
Africa and the Rest of Africa and it has a niche business in Asia. With 177 years of heritage across sub-Saharan Africa,
Old Mutual is a crucial part of the communities it serves and the broader society on the continent.


For further information on Old Mutual, and its underlying businesses, please visit the corporate website at
www.oldmutual.com.

Date: 04-11-2022 04:11:00
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