OLD MUTUAL PLC - GNI SALE COMPLETED
OLD MUTUAL PLC
ISIN CODE: GB0007389926
SHARE CODE: OML
ISSUER CODE: OLOML
GNI sale completed
Further to the announcement made on 21 October 2002, Old Mutual plc ("Old
Mutual") is pleased to announce the completion of the sale of GNI Holdings
Limited ("GNI") to Man Group plc on November 6 2002. Total consideration is
GBP100 million.
As of yesterday`s date, all conditions relating to the successful completion of
the sale of GNI have been fulfilled or waived. Man Group plc has agreed to
secure the release of the Old Mutual group from existing guarantees given by the
Old Mutual group in favour of certain obligations of the GNI group. The Old
Mutual group will consequently not be liable for any obligations relating to
transactions entered into by the GNI group after completion of the disposal of
GNI which includes any renewals of or extensions to pre-completion transactions
entered into after completion by the GNI group.
7 November 2002
ENQUIRIES:
Old Mutual, London Tel: +44 20 7569 0100
James Poole
Old Mutual Financial Services Tel: +44 20 7002 4000
UK
Edmond Warner, Chief Executive
College Hill, London Tel: +44 20 7457 2020
Tony Friend
Date: 07/11/2002 07:30:46 AM Produced by the JSE SENS Department
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