Wrap Text
Completion of Quilter Life Assurance Disposal and Proposed Cash Return to Shareholders
QUILTER PLC
(previously, Old Mutual Wealth Management Limited)
Incorporated under the Companies Act 1985 with registered number
06404270 and re-registered as a public limited company under the
Companies Act 2006)
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
Quilter plc (the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM
ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
2 January 2020
Quilter plc (“Quilter” or the “Group” or “the company”)
Completion of Quilter Life Assurance Disposal and Proposed Cash Return to Shareholders
Further to the announcement of the proposed disposal of Quilter Life Assurance (“QLA”) on 5 August 2019,
Quilter is pleased to confirm that the sale of QLA to ReAssure Group plc (“ReAssure”) completed on 31
December 2019. Total cash consideration was c.£445 million, representing the agreed cash consideration of
£425 million together with accrued interest payable under the sale agreement up to the completion date of
c.£20 million.
The sale was structured under a lock-box mechanism with effective economic interest passing to ReAssure
from 1 January 2019. Interest income on the agreed sale proceeds was due to the Group from that date until
completion. Therefore, the contribution from QLA earnings to the Group’s 2019 dividend of c.£20 million
represents a partial advance distribution of sale proceeds.
After allowing for costs and the capital impact of the transaction together with other expenses associated with
the sale, the Board of Quilter considers the net surplus proceeds from the sale to be £375 million and regards
this sum to be excess capital which is available for return to shareholders, in full. The Quilter Board regards
the proposed distribution to represent the full net surplus proceeds from the transaction after accounting for
the contribution from QLA earnings to the Group’s 2019 dividend.
Quilter will update the market on the method and timing of the capital return as soon as practical and, in any
event, no later than at the time of the announcement of its Full Year results announcement in March 2020.
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Enquiries
Investor Relations:
John-Paul Crutchley +44 (0)20 7002 7016
Keilah Codd +44 (0)20 7002 7054
Media:
Jane Goodland +44 (0)7790 012 066
Tim Skelton-Smith +44 (0)7824 145 076
Camarco
Geoffrey Pelham-Lane +44 (0)20 3757 4985
Aprio (South Africa)
Julian Gwillim +27 (0)11 880 0037
Company Secretary:
Patrick Gonsalves +44 (0)20 7778 9670
About Quilter plc
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity
for the generations of today and tomorrow.
Quilter plc oversees £109.8 billion in customer investments (as at 30 September 2019, excluding QLA).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset
investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning businesses, Quilter Financial Planning
and Quilter Private Client Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter
Investors, the Multi-asset investment solutions business. Wealth Platforms includes the Old Mutual Wealth
UK Platform; and Old Mutual International, including AAM Advisory in Singapore.
Since its IPO in June 2018, the Group’s businesses have progressively rebranded to Quilter. The UK Platform will
be the final business to rebrand; this will follow the safe delivery of the new platform technology.
Previous New
Intrinsic Quilter Financial Planning
Old Mutual Wealth Private Client Advisers Quilter Private Client Advisers
Quilter Investors Quilter Investors
Quilter Cheviot Quilter Cheviot
UK Platform Quilter Wealth Solutions
International Quilter International
Disclaimer
This announcement may contain certain forward-looking statements with respect to certain Quilter plc’s plans
and its current goals and expectations relating to its future financial condition, performance and results.
By their nature, all forward-looking statements involve risk and uncertainty because they relate to future
events and circumstances which are beyond Quilter plc’s control including amongst other things, international
and global economic and business conditions, market related risks such as fluctuations in interest rates and
exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation,
deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant
industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which
Quilter plc and its affiliates operate. As a result, Quilter plc’s actual future financial condition, performance
and results may differ materially from the plans, goals and expectations set forth in Quilter plc’s forward
looking statements.
Quilter plc undertakes no obligation to update the forward-looking statements contained in this
announcement or any other forward-looking statements it may make.
Nothing in this announcement should be construed as a profit forecast.
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Date: 02-01-2020 09:00:00
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