| Thu 30 May 2002, 0:00 | | Old Mutual Plc - Result Of Placing |
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OLD MUTUAL PLC - RESULT OF PLACING
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US PERSONS
This announcement is not an offer of the Old Mutual ordinary shares for sale
into the United States. The Old Mutual ordinary shares have not been and
will not be registered under the US Securities Act of 1933 and may not be
offered or sold in the United States unless they are registered or exempt
from registration. There will be no public offer of Old Mutual shares into
the United States.
OLD MUTUAL PLC
ISIN CODE: GB0007389926
SHARE CODE: OML
ISSUER CODE: OLOML
Result of Placing of Ordinary Shares
Further to today`s announcement of the release of the St. Paul lock-up
arrangements entered into by Old Mutual plc ("Old Mutual") with St. Paul
Fire and Marine Insurance Company ("St. Paul"), a subsidiary of The St. Paul
Companies Inc., and the associated placing ("the Placing"), of 190,356,631
ordinary shares held by St. Paul and a further 38,071,326 existing or new
ordinary shares in Old Mutual, the Company is pleased to announce that the
Placing has been successfully concluded at a price of 105p per ordinary
share following completion of an accelerated bookbuilding process. Old
Mutual has granted to Merrill Lynch International an over-allotment option
of up to 38,071,326 new ordinary shares. This option may be exercised, in
whole or in part, up to the close of business on the 30th day after closing
of the Placing.
Merrill Lynch is acting as global co-ordinator and Joint Bookrunner to the
Placing. UBS AG, through UBS Warburg, is acting as Joint Bookrunner of the
Placing and Lehman Brothers International (Europe) is acting as Co-Manager
to the Placing.
The ordinary shares the subject of the Placing, and any new ordinary shares
issued under the over-allottment option will rank pari passu with Old
Mutual`s existing ordinary shares of 10p each, including the right to
participate in all dividends and other distributions declared, paid or made
after the date of this announcement on or in respect of such ordinary
shares, save that Placees will not be entitled to receive the final dividend
of 3.1p per ordinary share to be paid on 31 May 2002 (the record date for
which has already passed).
30 May 2002
ENQUIRIES:
Old Mutual James Poole
+44 20 7569 0100
Merrill Lynch James Agnew
Rupert Hume-Kendall
+44 20 7628 1000
UBS Warburg Alex Wilmot-Sitwell
Philip Ellick
+44 20 7567 8000
College Hill Tony Friend
+44 20 7457 2020
This announcement does not constitute an invitation to underwrite, subscribe
for or otherwise acquire or dispose of any Old Mutual ordinary shares. Past
performance is no guide to future performance and persons needing advice
should consult an independent financial adviser.
Merrill Lynch is acting for St. Paul and Old Mutual in connection with the
Placing and no one else, and will not be responsible to anyone other than
St. Paul and Old Mutual for providing the protections afforded to clients of
Merrill Lynch or for giving advice in relation to the Placing.
UBS Warburg is acting for St. Paul and Old Mutual in connection with the
Placing and no one else, and will not be responsible to anyone other than
St. Paul and Old Mutual for providing the protections afforded to clients of
UBS Warburg or for giving advice in relation to the Placing.
This announcement does not constitute an offer to sell or issue, or
constitute the solicitation of an offer, in any jurisdiction in which such
offer is unlawful.
In connection with the Placing, Merrill Lynch may effect transactions with a
view to supporting the market price of ordinary shares in Old Mutual at a
level higher than that which might otherwise prevail, for a period of 30
days after the closing of the Placing. However there is no obligation on
Merrill Lynch to do this. Such stabilising, if commenced, may be
discontinued at any time, and must be brought to an end by no later than 30
days after the closing of the Placing.
FSA / Stabilisation
