Old Mutual Plc - Agreement to sell Old Mutual Secu
Old Mutual Plc - Agreement to sell Old Mutual Securities to Secure Trust Banking
Group plc
Old Mutual Plc
ISIN CODE: GB0007389926
SHARE CODE: OML
ISSUER CODE: OLOML
11 November 2002
Agreement to sell Old Mutual Securities to Secure Trust Banking Group plc
Old Mutual plc ("Old Mutual") is pleased to announce that it has entered into a
conditional sale agreement with Secure Trust Banking Group plc ("Secure Trust")
under which Secure Trust will acquire Old Mutual Securities Limited ("OMS"), for
a consideration initially equal to the net assets of the business at completion,
and a further payment after three years based on the future performance of OMS.
The deal is subject to regulatory approval and ratification by an EGM of
shareholders in Secure Trust. The initial payment is expected to be
approximately GBP5 million to be satisfied by a mixture of cash and loan notes,
and total payments are subject to a maximum of GBP12 million.
Edmond Warner, CEO Old Mutual Financial Services, commented:
"I am pleased that Old Mutual Securities is being acquired by Secure Trust,
which intends to build on OMS`s reputation for providing high-quality broking
and corporate advisory services to a growing list of mid-sized clients. Together
with our recent disposal of the derivatives broker GNI, the restructuring of Old
Mutual`s UK portfolio begun a year ago is now largely complete. This is in line
with the Group`s stated strategy of focussing on asset gathering and asset
management in the UK, US and South Africa."
Old Mutual was advised by Hawkpoint Partners.
ENQUIRIES:
Old Mutual plc, Tel: +44 20 7569 0100
London
James Poole
Old Mutual Financial Services Tel: +44 20 7002 4000
Edmond Warner
College Hill, London Tel: +44 20 7457 2020
Tony Friend
College Hill, South Africa Tel: +27 11 447 3030
Nicholas Williams
Date: 11/11/2002 09:00:02 AM Produced by the JSE SENS Department
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