| Wed 29 Jun 2011, 10:30 | | OML - Old Mutual Plc - Tender Offer |
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OML
OLOML
OML - Old Mutual Plc - Tender Offer
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Ref 71/11
Tender Offer
Old Mutual plc announces the results of its tender offer in respect of its
Euro750,000,000 Fixed to Floating Rate Callable Option A Dated Tier 2 Notes due
2017 for repurchase by it for cash.
Further to its announcement dated 20 June 2011, Old Mutual plc ("Old Mutual")
today announces: (i) the results of its invitation to the holders (the
"Noteholders") of the Euro750,000,000 Fixed to Floating Rate Callable Option A
Dated Tier 2 Notes due 2017 issued under the Old Mutual plc GBP3,500,000,000
Euro Note Programme (the "Notes") to tender up to the Maximum Acceptance Amount
(as defined below) for repurchase by Old Mutual for cash (the "Offer"); and (ii)
that the Maximum Acceptance Amount has been increased to Euro550,100,000 (the
"Maximum Acceptance Amount") from Euro500,000,000 and all references to the
Maximum Acceptance Amount shall be deemed to be to such increased amount.
The Offer was made on the terms, and subject to the conditions, contained in the
tender offer memorandum dated 20 June 2011 (the "Tender Offer Memorandum") and
expired at 5.00 p.m. (London time) on 28 June 2011 (the "Expiration Deadline").
As at the Expiration Deadline, Euro727,500,000 in nominal amount of Notes had
been validly tendered for repurchase pursuant to the Offer.
Old Mutual hereby announces that it has accepted tenders to repurchase
Euro550,100,000 (being the Maximum Acceptance Amount) in nominal amount of the
Notes. As a total of Euro727,500,000 of Notes was validly tendered for
repurchase to Old Mutual, validly tendered Notes will be accepted for repurchase
scaled by a pro-ration factor of 77.15 per cent. subject to adjustment as
described in the Tender Offer Memorandum.
The applicable Repurchase Consideration will be paid to Noteholders whose Notes
have been accepted for repurchase on the Settlement Date. The Settlement Date is
expected to occur on 1 July 2011.
Merrill Lynch International, Barclays Bank PLC and BNP PARIBAS are acting as
Dealer Managers for the Tender Offer and Lucid Issuer Services Limited is acting
as Tender Agent.
Questions and requests for assistance in connection with the Tender Offer may be
directed to the Dealer Managers.
THE DEALER MANAGERS
Merrill Lynch International
2 King Edward Street
London EC1A 1HQ
United Kingdom
For information by telephone:
+44 (0)20 7995 3715/2324
Attention: Liability Management Group - John Cavanagh/
Tommaso Gros-Pietro
Email: john.m.cavanagh@baml.com/
tommaso.gros-pietro@baml.com
Barclays Bank PLC
5 The North Colonnade
Canary Wharf
London E14 4BB
United Kingdom
For information by telephone:
+44 (0)20 7773 8990
Attention: Liability Management Group
Email: eu.lm@barcap.com
BNP PARIBAS
10 Harewood Avenue
London NW1 6AAUnited Kingdom
For information by telephone:
+44 (0)20 7595 8668
Attention: Liability Management Group
Email: liability.management@bnpparibas.com
Requests for any documents or materials relating to the Offer should be directed
to:
The Tender Agent
Lucid Issuer Services Limited
Leroy House
436 Essex Road
London N1 3QP
United Kingdom
Telephone: +44 (0)20 7704 0880
Attention: David Shilson / Sunjeeve Patel
Email: oldmutual@lucid-is.com
Neither this announcement nor the Tender Offer Memorandum constitutes an offer
to buy or a solicitation of an offer to sell the Notes.
Enquiries
External
Communications
Patrick Bowes +44 (0)20 7002 7440
Investor Relations
Deward Serfontein SA +27 (0)82 810 5672
Aleida White UK +44 (0)20 7002 7287
Media
William Baldwin- +44 (0)20 7002 7133
Charles
Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and investment
Group. Originating in South Africa in 1845, the Group provides life assurance,
asset management, banking and general insurance to more than 15 million
customers in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on
the London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2010, the Group reported adjusted operating profit
before tax of GBP1.5 billion (on an IFRS basis) and had GBP309 billion of funds
under management, from core operations.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
29 June 2011
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Date: 29/06/2011 10:30:01 Produced by the JSE SENS Department.
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