Wrap Text
OM Asset Management Announces Pricing of Secondary Offering
OLD MUTUAL PLC
ISSURE CODE: OLOML
ISIN CODE: GB00B77J0862
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
Old Mutual plc
Ref 557/16
14 December 2016
OM ASSET MANAGEMENT ANNOUNCES PRICING OF SECONDARY OFFERING
OM Asset Management plc (“OMAM”) has announced the pricing of an
underwritten public offering of 13 million of its ordinary shares at a
public offering price of $14.25 per share. The public offering is expected
to close on 19 December 2016.
The ordinary shares are being offered by Old Mutual plc (“Old Mutual”),
through its wholly owned subsidiary, OM Group (UK) Limited. The
underwriters also have a 30-day option to purchase up to an additional 1.95
million ordinary shares at the public offering price, less the underwriting
discount. OMAM will not sell any shares in the offering and will not
receive any proceeds from the sale of the shares.
In addition, the previously announced private repurchase transaction, in
which OMAM expects to repurchase 6 million ordinary shares directly from OM
Group (UK) Limited was also priced at $14.25 per share. The closing of the
repurchase transaction is subject to various conditions, including the
closing of the public offering.
The proceeds to Old Mutual from the proposed offering and Repurchase
Agreement are expected to be used for general corporate purposes.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup, Credit Suisse
Securities (USA) LLC and Evercore ISI are acting as joint bookrunning
managers for the public offering.
The public offering is being made pursuant to an effective shelf
registration statement on file with the U.S. Securities and Exchange
Commission (the “SEC”). A preliminary prospectus supplement relating to the
public offering, subject to completion, has been filed with the SEC, and a
final prospectus supplement relating to the public offering will be filed
with the SEC. Interested parties should read the prospectus included in the
registration statement and the prospectus supplement for the public
offering, and other documents that OMAM has filed with the SEC for more
complete information about OMAM and the public offering.
Copies of the preliminary prospectus supplement relating to the public
offering may be obtained, when available, from: BofA Merrill Lynch, NC1-
004-03-43, 200 North College Street, 3rd floor Charlotte, NC 28255-0001,
Attn: Prospectus Department, Email: dg.prospectus_requests@baml.com or
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, Second Floor, New York, NY 10014 or Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or Credit
Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus
Department, One Madison Avenue, New York, NY 10010, e-mail:
newyork.prospectus@credit-suisse.com or Evercore ISI, Attention: Equity
Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, email
ECM_Prospectus@evercoreisi.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
ENDS
Enquiries
External communications
Patrick Bowes UK +44 20 7002 7440
Investor relations
Dominic Lagan UK +44 20 7002 7190
Sizwe Ndlovu SA +27 11 217 1163
Media
William Baldwin-Charles +44 20 7002 7133
+44 7834 524833
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
Joint Sponsor:
Nedbank Corporate and Investment Banking
Notes to Editors
Old Mutual provides investment, savings, insurance and banking services to
18.9 million customers in Africa, the Americas, Asia and Europe.
Originating in South Africa in 1845, Old Mutual has been listed on the
London and Johannesburg Stock Exchanges, among others, since 1999.
Old Mutual has announced a strategy of managed separation, which will
entail separating its four businesses into standalone entities. The four
businesses are:
Old Mutual Emerging Markets: An African financial services leader,
providing long-term savings, protection, investment and lending to retail
and corporate customers
Nedbank: Old Mutual owns a 54% stake in Nedbank, one of South Africa’s top
four banks, providing wholesale and retail banking, insurance and asset
management for individuals and businesses
Old Mutual Wealth: a leading wealth management business in the UK and
international markets
OM Asset Management: Old Mutual owns 66% in the New York Stock Exchange
listed OM Asset Management which offers a diverse range of investment
strategies and products for institutions, delivered worldwide through eight
US-based boutiques.
For the year ended 31 December 2015, Old Mutual reported an adjusted
operating profit before tax of £1.7 billion and had £304 billion of funds
under management. For further information on Old Mutual, please visit the
corporate website at www.oldmutual.com
Forward-Looking Statements
The information in this release contains forward-looking information that
involves substantial risks and uncertainties regarding the proposed
offering. Forward-looking information includes information about the
closing of the transactions pursuant to the repurchase agreement and the
use of proceeds from the transactions. Risks and uncertainties affecting
these forward-looking statements include, among other things, the
possibility that the proposed offering and the transactions under the
repurchase agreement will not be completed within a particular time frame
or at a particular offering amount, or at all, including as a result of
regulatory, market or other factors. Old Mutual assumes no obligation to
update forward-looking statements contained in this release as the result
of new information, future events or developments.
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