REG - Old Mutual Ltd - Old Mutual Share Repurchase Programme

Old MutualAnnouncement

19/11/2024 14:00

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RNS Number : 8338M  Old Mutual Limited  19 November 2024

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

JSE Alpha Code: OMLI

LSE Share Code: OMU

NSX Share Code: OMM

MSE Share Code: OMU

ZSE Share Code: OMU

("Old Mutual" or "OML" or "the Company")

 

Ref 98/24

 

19 November 2024

 

OLD MUTUAL SHARE REPURCHASE PROGRAMME

Shareholders are referred to the general repurchase authority ("General
Repurchase Authority") received at the Annual General Meeting on 31 May 2024,
which authorises the Company to acquire up to 5% of Old Mutual's ordinary
shares in accordance with the Johannesburg Stock Exchange ("JSE") Listings
Requirements. Old Mutual has since received approval from the Prudential
Authority to proceed with a share buyback of circa 81 million shares or such
number of shares equivalent to R1 billion under the General Repurchase
Authority (the "Repurchase Programme"). OML wishes to announce that the
Repurchase Programme will commence on 21 November 2024 and will continue until
the approved maximum amount is reached.

 

The repurchase of OML shares will take place on the JSE only and will be
implemented in terms of the JSE Listing Requirements

 

The OML Board believes that OML is trading at a discount to its intrinsic
value and is of the view that a Repurchase Programme will deliver longer term
incremental value to shareholders. 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

 JSE                                           Equity Sponsor: Tamela Holdings (Proprietary) Limited

                                               Debt Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank
                                               Limited
 Namibia                                       PSG Wealth Management (Namibia) (Proprietary) Limited
 Zimbabwe                                      Imara Capital Zimbabwe plc
 Malawi                                        Stockbrokers Malawi Limited

 Enquiries
 Investor Relations
 Langa Manqele                                 M: +27 82 295 9840

 Head of Investor Relations                     E: investorrelations@oldmutual.com (mailto:investorrelations@oldmutual.com)

 Communications
 Wendy Tlou                                    M: +27 82 906 5008

 Chief Communications and Reputation Officer   E: oldmutualnews@oldmutual.com

 

Notes to Editors

 

About Old Mutual

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 12 countries. Old Mutual's primary operations are in Africa
and it has a niche business in China. With over 179 years of heritage across
sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves
as well as 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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