| Thu 4 Aug 2005, 16:40 | | Old Mutual plc's Black Economic Empowerment |
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Old Mutual Plc - Old Mutual plc`s Black Economic Empowerment (BEE) ownership
proposals implemented
Old Mutual Plc
ISIN: GB0007389926
JSE Share code: OML
NSX share code: OLM
Issuer code: OLOML
Old Mutual plc`s Black Economic Empowerment (BEE) ownership
proposals implemented
Old Mutual plc (the `Company`) announces that it and its separately
listed subsidiary, Mutual & Federal Insurance Company Limited
(`Mutual & Federal`), have today completed their BEE ownership plans
in accordance with proposals described in a circular sent to the
Company`s shareholders at the end of May 2005.
Under the Company`s transactions, the following new ordinary shares
in the Company have been issued today:
28,920,000 shares to Brimstone Mtha UK SPV Limited;
28,920,000 shares to WIPHOLD Financial Services No. 1 Limited;
19,280,000 shares to Black Distributors SPV Limited;
38,560,000 shares to Education SPV Limited;
31,300,000 shares to the OMSA Broad-Based Employee Share Trust; and
83,700,000 shares to the OMSA Management Incentive Trust.
The first four of the above issues were made in favour of The Law
Debenture Trust Corporation (Channel Islands) Limited as trustee.
The newly issued shares in the Company are expected to be admitted to
listing by the UK Listing Authority (`UKLA`) and to trading by the
London Stock Exchange and the JSE Securities Exchange South Africa on
5 August 2005, and applications will also be made for them also to be
admitted to listing on the Namibian, Zimbabwe and Malawi Stock
Exchanges.
The total number of issued shares in the Company following the above
issues is now 4,087,470,181. As a consequence of the additional
shares in issue, the following changes have taken place in the
percentages of issued share capital represented by material
shareholdings notified to the Company (based on the last respective
notifications received):
* the shareholding by Public Investment Corporation of the Republic
of South Africa of 299,338,194 shares in the Company now represents
7.32% of the enlarged share capital;
* the shareholding by the Company`s subsidiary, Old Mutual Life
Assurance Company (South Africa) Limited, of 274,950,790 shares in
the Company now represents 6.73% of the enlarged share capital;
* the shareholding by Aviva plc (through its fund management
subsidiary, Morley Fund Management Limited) of 144,701,779 shares in
the Company now represents 3.54% of the enlarged share capital;
* the shareholding by Sanlam Investment Management (Pty) Limited of
141,767,994 shares in the Company now represents 3.47% of the
enlarged share capital; and
* the shareholding by Franklin Resources, Inc. and its affiliates of
124,902,980 shares in the Company now represents 3.01% of the
enlarged share capital.
Under Mutual & Federal`s BEE ownership transactions, a total of
31,064,806 new ordinary shares in Mutual & Federal have been issued,
following which the Company`s overall shareholding in Mutual &
Federal is now 77%.
The Company`s separately listed banking subsidiary, Nedbank Group
Limited (`Nedbank`) expects to complete its BEE ownership
transactions on 8 August 2005. Under these transactions, a total of
41,268,130 new ordinary shares in Nedbank will be issued, following
which the Company`s overall shareholding in Nedbank will be 50.1%.
Jim Sutcliffe, Chief Executive, said, `I am delighted that Old
Mutual`s BEE ownership arrangements have been successfully
implemented, and look forward to working with our new partners to
transform our South African businesses and deliver true empowerment
to a large number of formerly disadvantaged South Africans.`
4 August 2005
Note:
Copies of the circular sent to the Company`s shareholders relating to
the Group`s BEE ownership proposals were submitted to the UKLA and
are available for inspection at the UKLA`s Document Viewing Facility,
which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: + 44 (0) 20 7066 1000.
ENQUIRIES:
Old Mutual plc UK
Miranda Bellord +44 (0) 20 7002 7133
Old Mutual plc SA
Nad Pillay +27 (0) 21 504 8026
For further information about Old Mutual plc visit www.oldmutual.com
Date: 04/08/2005 04:37:36 PM
Produced by the JSE SENS Department
