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OML
OLOML
OML - Old Mutual Plc - Completion Of Sale Of Shares By The Old Mutual South
Africa Unclaimed Shares Trust
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Completion of sale of shares by the Old Mutual South Africa Unclaimed Shares
Trust
Further to the statement by Old Mutual plc (the Company) on 30 January 2007 that
the Trustees of its Unclaimed Shares Trusts would be disposing of their
remaining shareholdings, the Company announces that the Old Mutual South Africa
Unclaimed Shares Trust has now completed its programme of sales of a total of
approximately 53.9 million shares, achieving an average price before expenses
and tax of R24.04 per share over the six-week duration of the programme.
Proposals for the use of these proceeds of sale (together with the residual
assets in the other four Unclaimed Shares Trusts) are being submitted for
shareholder approval at the Company`s Annual General Meeting, which will take
place in London on 24 May 2007.
Notes to Editors
Company`s intended use of the proceeds of closure of the Unclaimed Shares Trusts
Subject to approval by the Company`s shareholders, the Company intends to use
the proceeds of closure of the Unclaimed Shares Trusts, in proportion to the
jurisdiction from which they arose, as follows:
- approximately GBP31 million (R430 million) will be set aside effectively to
extend the claims period of unconfirmed eligible policyholders until 31
August 2009. Under these arrangements, any future claims that would have
been valid if submitted prior to 1 September 2006 will be settled by means
of a cash payment based on the closing share price on 31 August 2006 in the
Trust jurisdiction concerned (other than Zimbabwe, where an adjustment will
be made at the discretion of Old Mutual Zimbabwe for the effects of local
inflation);
- a total of approximately GBP48 million (R670 million), less any potential
taxes applicable to the disposal of the shares, will be used either
directly or via donation to the Old Mutual Foundations to fund good causes
in the jurisdiction of the Trust concerned;
- a total of approximately GBP21 million (R300 million) will be used to
enhance the benefits of specific small policyholders of the Group`s life
businesses in South Africa and Namibia.
Old Mutual
Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London, Johannesburg and
Stockholm stock exchanges, among others.
By conducting its business worldwide under its core values of integrity, respect
and accountability, Old Mutual aspires to push beyond boundaries to drive value
for all its stakeholders.
In the year ended 31 December 2006, the group reported an increase in adjusted
operating profit of 16% to GBP1.4 billion (IFRS basis) and had GBP239 billion of
funds under management. The Company has approximately 53,000 employees.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Enquiries
Investor Relations
Malcolm Bell UK +44 (0)20 7002 7166
Deward Serfontein SA +27 (0)21 509 8709
Media
James Crampton UK +44 (0)20 7002 7133
Nad Pillay SA + 27 (0)21 504 8026
4 April 2007
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 04/04/2007 15:30:01 Produced by the JSE SENS Department.
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