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OLD MUTUAL PLC - PILGRIM BAXTER & ASSOCIATES
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
PILGRIM BAXTER & ASSOCIATES
Pilgrim Baxter & Associates, Ltd ("PBA"), which is part of the US asset
management group of Old Mutual plc, has issued the statement attached to this
release today.
In connection with the events described in that announcement, Old Mutual has
agreed with Harold J Baxter and Gary L Pilgrim, after receiving legal advice, to
settle the remaining provisions of the revenue share buy-out agreement relating
to PBA, which was renegotiated in March 2002. Under the terms of the
settlement, no compensation will be paid by Old Mutual relating to the cessation
of their offices with PBA, but Old Mutual will honour the payment to them of the
final fixed amount of $58.3 million due in February 2004 under that agreement,
less a discount for early payment, together with a further total of $11 million
in respect of their vested phantom stock in PBA
PBA had US$7 billion of funds under management at 30 September 2003,
representing approximately 3.7% of total funds then under management by the Old
Mutual Group, after adjusting for the prospective disposal of Gerrard.
13 November 2003
Enquiries:
Investors
Old Mutual plc
James Poole, Director +44 (0)20 7002 7000
Corporate Affairs
Media
College Hill Associates
Alex Sandberg
Tony Friend +44 (0) 20 7457 2020
Jim Sutcliffe, Chief Executive of Old Mutual plc, will host an analyst
conference call on the above announcement at 2.00 p.m. (UK time), 4.00 p.m.
(South African time) 9.00 a.m. (Eastern Standard time) today. The details to
participate in that call are as follows:
Speaker:
Jim Sutcliffe
Title:
Analyst Conference Call with Jim Sutcliffe
Dial-up numbers:
UK: 0800 9531444
South Africa: 0800 994090
USA: 1-866-220-1452
Encore Replay
For those not able to participate, a recording of the analyst conference call
will be made and a replay facility will be available for seven days from this
evening, after which it will be withdrawn. Those wishing to activate the replay
facility should dial one of the following numbers, and quote the relevant access
code:
UK Freephone dial-in number: 0800 953 1533
USA Toll-free dial-in number: 1-866-276-1167 or 1-866-247-4222 (back-up)
STD International number: +44 1452 550000
Encore Replay access code: 716558#
Encore Replay will be available for 7 days.
Date: 13/11/2003 03:38:29 PM Produced by the JSE SENS Department
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