REG - Old Mutual Ltd - Old Mutual Share Repurchase Programme

Old MutualAnnouncement

30/05/2023 10:00

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RNS Number : 0212B  Old Mutual Limited  30 May 2023

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

LSE Share Code: OMU

NSX Share Code: OMM

MSE Share Code: OMU

ZSE Share Code: OMU

("Old Mutual" or "the Company")

 

Ref: 47/23

30 May 2023

 

OLD MUTUAL SHARE REPURCHASE PROGRAMME

 

Shareholders are referred to Old Mutual's Results announcement dated 14 March
2023, wherein the company announced that Old Mutual Limited ("OML") had
earmarked a share repurchase programme of between R1.0 billion to R1.5 billion
(the "Repurchase Programme"). OML wishes to further announce that the
Repurchase Programme will commence on 30 May 2023 and continue until the R1.5
billion maximum amount is reached.

 

The repurchase of OML shares will take place on the Johannesburg Stock
Exchange ("JSE") only and will be implemented in terms of JSE Listing
Requirements. The Repurchase Programme will be implemented in accordance with
the General Authority received by way of a shareholder resolution passed at
the AGM, held on 26 May 2023, allowing the Company to repurchase up to R1.5
billion, limited to 3. 5% of the issued share capital of the Company for the
financial year. OML has approval from the Prudential Authority for the
Repurchase Programme until the financial year end on 31 December 2023.

 

The OML Board believes that OML is trading at a discount to its intrinsic
value and is of the view that a share repurchase programme will deliver longer
term incremental value to shareholders. The management team remains committed
to following a disciplined trading approach under the share repurchase
programme and will only repurchase shares to the extent that market conditions
are favourable. The purpose of the repurchase programme is to reduce the share
capital of the Company.

 

The Repurchased Shares shall be cancelled as issued shares and will revert to
authorised but unissued share capital status.

 

This announcement is also available on the Old Mutual website
at www.oldmutual.com (http://www.oldmutual.com/) .

 

Sandton

 

Sponsors

 

 Johannesburg Stock Exchange  Merrill Lynch South Africa (Pty) Limited ta BofA Securities
 Malawi Stock Exchange        Stockbrokers Malawi Limited
 Namibia Stock Exchange       PSG Wealth Management (Namibia) (Proprietary) Limited
 Zimbabwe Stock Exchange      Imara Capital Zimbabwe plc

 

Enquiries

 Investor Relations
 Bonga Mriga                             T: +27 (0)67 866 6348

 Interim Head of Investor Relations      E: bmriga@oldmutual.com

 Communications
 Vuyo Mtawa                              M: +27 68 422 8125
 Head of Group Communications            E: vmtawa@oldmutual.com

 

Notes to Editors

 

About Old Mutual Limited

Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
market segments in 14 countries. Old Mutual's primary operations are in South
Africa and the Africa Regions, and it has a niche business in Asia. With over
177 years of heritage across sub-Saharan Africa, Old Mutual is a crucial part
of the communities they serve and the broader society on the continent.

 

For further information on Old Mutual, and its underlying businesses, please
visit the corporate website at www.oldmutual.com (http://www.oldmutual.com) .

 

 

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