Extension of Old Mutual Share Repurchase Programme

RNS Number : 6736Y

Old Mutual Limited

10 May 2019

 

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

MSE Share Code: OMU

ZSE Share Code: OMU

("Old Mutual" or "the Company")

Ref 19/19

10 May 2019

EXTENSION OF OLD MUTUAL SHARE REPURCHASE PROGRAMME

Old Mutual announces that the share repurchase programme announced by the Company on 11 March 2019 has been extended by R500 million, bringing the maximum consideration of the share repurchase programme to R2.5 billion (the "Extended Programme").

As previously, the Extended Programme will be effected in accordance with the General Authority received by way of a shareholder resolution passed at the AGM, held on 6 March 2018, allowing the Company to repurchase up to 247 102 418 ordinary shares, equivalent to 5% of the issued share capital of the Company. OML has approval from the Prudential Authority for the Extended Programme.

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.

Sponsors

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

Enquiries

Investor Relations Sizwe Ndlovu Head of Investor Relations	T: [phone] E: [e-mail]
Communications: Tabby Tsengiwe Head of Communications	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 business in 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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