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OLD MUTUAL PLC - OM Asset Management Announces Pricing of Secondary Offering

Release Date: 15/11/2017 16:43
Code(s): OML     PDF:  
Wrap Text
OM Asset Management Announces Pricing of Secondary Offering

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


   Ref 265/17

   15 November 2017


   OM ASSET MANAGEMENT ANNOUNCES PRICING OF SECONDARY OFFERING


   OM Asset Management plc ('OMAM') today announces the pricing of a public offering of 6,039,630 of
   its ordinary shares for aggregate proceeds of approximately $94 million. The public offering is expected
   to close on 17 November 2017.

   The ordinary shares are being offered by Old Mutual plc (‘Old Mutual’), through its wholly owned
   subsidiary, OM Group (UK) Limited. OMAM will not sell any shares in the offering and will not receive
   any proceeds from the sale of the shares.

   The proceeds to Old Mutual from the proposed offering are expected to be used for general corporate
   purposes. Following the sale, Old Mutual will own 1,000 ordinary shares in OMAM.

   Morgan Stanley & Co. LLC is acting as sole book running manager for the 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: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street,
   Second Floor, New York, NY 10014.

   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.


   Enquiries

   External communications
   Patrick Bowes                                        +44 20 7002 7440
   Investor relations
   Dominic Lagan                                        +44 20 7002 7190

   Media
   William Baldwin-Charles                              +44 20 7002 7133
                                                            +44 7834 524833


   Notes to Editors


   About Old Mutual plc

   Old Mutual plc is a holding company for several financial services companies. In March 2016, it announced a new
   strategy of managed separation entailing the separation of its underlying businesses into independently-listed,
   standalone entities.
   
   The managed separation strategy seeks to preserve and release the value currently trapped within the group
   structure. The managed separation will be materially complete by the end of 2018.

   OM Asset Management, a US based institutional asset manager, is now independent from Old Mutual. The
   remaining underlying businesses are:
 
   Old Mutual Emerging Markets: A South African based leading provider of financial services in sub-Saharan
   Africa.

   Nedbank: One of South Africa’s largest banks, with a 20% stake in pan-African Ecobank Transnational Inc.

   Old Mutual Wealth: a leading, integrated, advice-led wealth management business focused on the UK upper and
   middle market.

   For the year ended 31 December 2016, Old Mutual reported an adjusted operating profit before tax of £1.7 billion
   and had £395 billion of funds under management. For further information on Old Mutual plc and the underlying
   businesses, please visit the corporate website at www.oldmutualplc.com.


   Sponsor:
   Merrill Lynch South Africa (Pty) Ltd

   Joint Sponsor:
   Nedbank Corporate and Investment Banking




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