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OLD MUTUAL LIMITED - Extension of Old Mutual Share Repurchase Programme

Release Date: 10/05/2019 11:15
Code(s): OMU     PDF:  
 
Wrap Text
Extension of Old Mutual Share Repurchase Programme

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or “the Company”)

Ref 19/19
10 May 2019

EXTENSION OF OLD MUTUAL SHARE REPURCHASE PROGRAMME

Old Mutual announces that the share repurchase programme announced by the Company
on 11 March 2019 has been extended by R500 million, bringing the maximum
consideration of the share repurchase programme to R2.5 billion (the “Extended
Programme”).

As previously, the Extended Programme will be effected in accordance with the
General Authority received by way of a shareholder resolution passed at the AGM,
held on 6 March 2018, allowing the Company to repurchase up to 247 102 418
ordinary shares, equivalent to 5% of the issued share capital of the Company.
OML has approval from the Prudential Authority for the Extended Programme.

The OML Board believes that OML is trading at a discount to its intrinsic value
and is of the view that a share repurchase programme will deliver longer term
incremental value to shareholders. The management team remains committed to
following a disciplined trading approach under the share repurchase programme
and will only repurchase shares to the      extent that market conditions are
favourable. The purpose of the repurchase programme is to reduce the share
capital of the Company.


The Repurchased Shares shall be cancelled as issued shares and will revert to
authorised but unissued share capital status.


This announcement is also available on the Old Mutual website at
www.oldmutual.com.
Sponsors

Johannesburg Stock           Merrill Lynch South Africa (Pty) Limited
Exchange

Namibia                      PSG Wealth Management (Namibia) (Proprietary)
                             Limited

Zimbabwe                     Imara Capital Zimbabwe plc

Malawi                       Stockbrokers Malawi Limited


Enquiries


Investor Relations
                             T: +27 (0)11 217 1163
Sizwe Ndlovu
                             E: tndlovu6@oldmutual.com
Head of Investor Relations

Communications:
Tabby Tsengiwe               T: +27 (11) 217 1953
Head of Communications       M: +27 (0)60 547 4947
                             E: ttsengiwe@oldmutual.com



Notes to Editors


About Old Mutual Limited
Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
markets segments in 17 countries. Old Mutual's primary operations are in South
Africa and the rest of Africa, and it has niche business in Asia. With over 170
years of heritage across sub-Saharan Africa, we are a crucial part of the
communities we serve and broader society on the continent.


For further information on Old Mutual, and its underlying businesses, please
visit the corporate website at www.oldmutual.com.

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