Directorate Change

RNS Number : 0894J

Old Mutual Limited

30 November 2018

 

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

NSX Share Code: OMM

("Old Mutual")

Ref 78/18

30 November 2018

CHANGE IN DIRECTORATE

In compliance with rule 3.59 of the JSE Listings Requirements, Old Mutual announces the resignation of Vassi Naidoo as the non-executive director of the Company, with effect from 31 December 2018.

Shareholders are referred to the announcement by Old Mutual on 26 September 2018 regarding the unbundling by Old Mutual of a significant portion of Old Mutual's shareholding in Nedbank Group shares ('the Unbundling').  Old Mutual implemented the Unbundling on 15 October 2018, through the distribution of approximately 31,73% of the issued shares of Nedbank Group to OML shareholders, whilst retaining a strategic minority stake of 19.9% of the issued share capital in Nedbank Group in its shareholder funds to underpin the continuing relationship and commercial benefits between the two organisations.

Trevor Manuel, Chairman of Old Mutual commented:

Vassi played an important role in guarding both the Old Mutual plc, Nedbank Group Limited and Old Mutual's Boards through the complexity of the successful Managed Separation process.  He continuously drove for clarity and transparency in the management of sometimes competing stakeholder interests. 

With the completion of the unbundling of the majority of Old Mutual's stake in Nedbank, the Board has agreed that it is appropriate for Vassi to step down from his non-executive directorship of Old Mutual. 

JSE Sponsor	Merrill Lynch South Africa (Pty) Limited
Namibian Sponsor	PSG Wealth Management (Namibia) (Proprietary) Limited

Enquiries

Investor Relations Patrick Bowes (Interim Head of Investor Relations)	T: [phone] E: [e-mail]
Communications: Tabby Tsengiwe	T: [phone] M: [phone] E: [e-mail]

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 markets segments in 17 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.

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

 

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