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OML - OLD MUTUAL plc - General Meeting relating to the sale of the Group`s
Nordic business Results of shareholder voting
OLD MUTUAL plc
Issuer code: OLOML
JSE Share code: OML
NSX share code: OLM
ISIN: GB0007389926
Old Mutual plc
Ref 21/12
14 March 2012
General Meeting relating to the sale of the Group`s Nordic business
Results of shareholder voting
At the General Meeting of Old Mutual plc ("Old Mutual" or the "Company") held in
London earlier today, shareholders voted to approve the sale of the Company`s
Nordic business to Skandia Liv for a net cash consideration of SEK22.4 billion
(GBP2.1 billion) (the "Disposal"). As this was the last remaining condition
precedent to the transaction going ahead, completion of the sale is now expected
to take place on 21 March 2012. Once the sale has been completed, the special
dividend of 18p per share (or its equivalent in other relevant currencies)
announced on 3 February 2012 and confirmed on 9 March 2012 (the "Special
Dividend") will become unconditional.
Shareholders also voted today in support of the 7 for 8 share consolidation that
will take place once the existing shares are no longer entitled to receive the
Special Dividend. The full timetable for payment of the Special Dividend and for
the consolidation of the Company`s shares was announced with our preliminary
results for the year ended 31 December 2011 on 9 March 2012 and the key dates
are that it is expected to be paid on 7 June 2012 to shareholders on the
register at the close of business on 20 April 2012.
Julian Roberts, Group Chief Executive of Old Mutual, said: "I am delighted that
our shareholders have voted overwhelmingly in favour of this disposal, which we
believe represents a unique opportunity to create value for both Old Mutual`s
shareholders and Skandia Liv`s policyholders. While it is always sad to say
goodbye to colleagues, I am convinced that the combination of Skandia Liv and
the Nordic business will go from strength to strength."
The detailed results of the votes on the resolutions set out in the Notice of
Meeting contained in the shareholder circular dated 3 February 2012 (which were
voted on by a poll) were as follows:
Resolution 1: To approve the disposal of the Skandia Nordic business
Votes in favour % of votes cast % of total shares eligible
to vote
3,985,247,485 99.99% 74.32%
Votes against % of votes cast % of total shares eligible
to vote
482,897 0.01% 0.01%
Total votes cast % of total shares Votes withheld
(excluding votes eligible to vote
withheld)
3,985,730,382 74.33% 113,216,884
Resolution 2: To approve the consolidation of the Company`s share
capital on a 7 for 8 basis, subject to the conditions described in
the resolution
Votes in favour % of votes cast % of total shares eligible
to vote
3,996,521,934 99.97% 74.53%
Votes against % of votes cast % of total shares eligible
to vote
1,263,943 0.03% 0.02%
Total votes cast % of total shares Votes withheld
(excluding votes eligible to vote
withheld)
3,997,785,877 74.56% 101,161,542
Both of the resolutions were therefore duly passed.
Notes to the above table:
Votes in favour include proxy votes where the Chairman was give discretion how
to vote.
Votes withheld are not counted in the calculation of the proportion of votes for
or against a resolution.
The total number of shares eligible to be voted at the date of the meeting was
5,362,184,625, being the total number of shares in issue (5,562,354,698) less
the 200,170,073 shares beneficially owned by the Company`s African life
subsidiaries, which are not eligible under the Companies Act 2006 to be voted
while so owned.
In accordance with Listing Rules 9.6.2R and 9.6.3R, the full text of the
resolutions passed has been submitted to the UK Listing Authority. They will
shortly be available for inspection at the National Storage Mechanism at:
www.Hemscott.com/nsm.do
Enquiries
Investors/Analysts
Patrick Bowes +44 (0)20 7002 7440
Kelly de Kock +27 (0)21 509 8709
Media
William Baldwin-Charles +44 (0)20 7002 7133
Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and investment
Group. Originating in South Africa in 1845, the Group provides life assurance,
asset management, banking and general insurance to more than 15 million
customers in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on
the London Stock Exchange and the Johannesburg Stock Exchange, among others,
since 1999.
In the year ended 31 December 2011, the Group reported adjusted operating profit
before tax of GBP1.5 billion (on an IFRS basis) and had GBP267 billion of funds
under management from core operations.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Date: 14/03/2012 15:25:01 Supplied by www.sharenet.co.za
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