Extension of Old Mutual Share Repurchase Programme
Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
JSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or “the Company”)
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
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
Johannesburg Stock Merrill Lynch South Africa (Pty) Limited
Namibia PSG Wealth Management (Namibia) (Proprietary)
Zimbabwe Imara Capital Zimbabwe plc
Malawi Stockbrokers Malawi Limited
T: +27 (0)11 217 1163
Head of Investor Relations
Tabby Tsengiwe T: +27 (11) 217 1953
Head of Communications M: +27 (0)60 547 4947
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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