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OLD MUTUAL PLC - OM Asset Management Announces Closing of Secondary Offering and Full Exercise of Underwriters' Option to Purchase

Release Date: 20/12/2016 09:00
Code(s): OML     PDF:  
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OM Asset Management Announces Closing of Secondary Offering and Full Exercise of Underwriters' Option to Purchase

OLD MUTUAL PLC
ISIN CODE: GB00B77J0862
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOMOL


Ref 561/16
20 December 2016

OM ASSET MANAGEMENT ANNOUNCES CLOSING OF SECONDARY OFFERING AND FULL
EXERCISE OF UNDERWRITERS’ OPTION TO PURCHASE ADDITIONAL SHARES

OM Asset Management plc (‘OMAM’) announced today the closing of an underwritten public offering
of 14.95 million of its ordinary shares, including 1.95 million ordinary shares sold pursuant to the full
exercise of the underwriters’ previously granted option to purchase additional shares. The shares
were sold by Old Mutual plc (‘Old Mutual’) at a public offering price of $14.25 per share.

In addition, the previously announced private repurchase transaction, in which OMAM repurchased 6
million ordinary shares directly from OM Group (UK) Limited (a wholly owned subsidiary of Old
Mutual), at a price of $14.25 per share, closed on 19 December 2016.

Old Mutual will realise gross proceeds less the underwriting discount from the offering of $291 million.
Following the sale, Old Mutual now owns 51.1% of OMAM. OMAM did not sell any shares in the
offering and did not receive any proceeds from the offering.

The proceeds to Old Mutual from the offering and private repurchase transaction 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 acted as joint bookrunning managers for the public offering.

Copies of the prospectus supplement relating to the public offering may be obtained 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. The prospectus may also be obtained, for free, by visiting the
SEC’s website at www.sec.gov.

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: With effect from completion of the transaction described in this announcement, Old
Mutual will own 51% 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.

Date: 20/12/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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