Mutual & Federal Cautionary

RNS Number : 6236A

Old Mutual PLC

04 August 2008

 



Ref 130/08

5 August 2008

UPDATE ON DISPOSAL OF MUTUAL & FEDERAL INSURANCE COMPANY LIMITED ('MUTUAL & FEDERAL')  

Old Mutual plc announces that it intends to initiate a competitive sale process in September 2008 to dispose of its entire shareholding in Mutual & Federal. Shareholders are referred to Mutual & Federal's cautionary statement in this regard included in its results announcement today.

Financial advisor to Old Mutual plc:

NM Rothschild & Sons (Proprietary) Ltd

Sponsor to Old Mutual plc:

Merrill Lynch South Africa (Proprietary) Ltd

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

Enquiries

Investor Relations

Mary Jackets           UK    [phone]

Aleida White            UK    [phone]

Deward Serfontein    SA    [phone]

Media

Matthew Gregorowski    UK    [phone]

Notes to Editors

Old Mutual

Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, the group has a portfolio of businesses offering asset management, life assurance, banking and general insurance services in over 40 countries in Europe, the Americas, Africa and Asia-Pacific. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2007, the group reported adjusted operating profit of £1.62 billion (on an IFRS basis) and had £279 billion of funds under management at the year end. The Company has approximately 53,000 employees.

Mutual & Federal  

Mutual & Federal provides insurance services to the personal, commercial and corporate markets in South Africa, Namibia, Botswana and Zimbabwe.  

Old Mutual owns 75% of Mutual & Federal Insurance Company Limited on a fully-diluted basis, after taking account of Mutual & Federal's BEE ownership transactions. Mutual & Federal's shares are listed on the JSE Limited and the Namibian Stock Exchange.  

 

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