OML Old Mutual

By Adam Clark

Old Mutual PLC (OML.LN) on Friday set out the timetable and further details of its previously announced separation into its constituent businesses.

Old Mutual PLC said the separation will mean that for every three shares currently held in Old Mutual PLC, shareholders will receive one share in Quilter PLC and three ordinary shares in Old Mutual Ltd.

Quilter PLC is the former Old Mutual Wealth business. Old Mutual Ltd. is the new holding company for the combination of the company's stake in South Africa's Nedbank, Old Mutual Emerging Markets, and the residual assets of Old Mutual PLC itself.

A total of 87% of Quilter shares will be distributed to current Old Mutual PLC shareholders, with the remainder placed with institutional investors and Quilter's employee and management ownership plan. Quilter is expected to be admitted to the London and Johannesburg stock exchanges on June 25.

This will be followed by the listing of Old Mutual Ltd. on June 26. The company will have its primary listing on the Johannesburg Stock Exchange, and a standard listing in London.

Approximately six months after the Old Mutual Ltd. listing, Nedbank will be unbundled, Old Mutual said. The company said it intends to distribute 32% of Nedbank's share capital to Old Mutual Ltd. shareholders, while Old Mutual Ltd. will retain a 20% stake.

Old Mutual said the separation plan is subject to shareholder approval.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

April 20, 2018 11:34 ET (15:34 GMT)

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