OMAM closing of secondary offering

RNS Number : 8236Q

Old Mutual PLC

22 June 2015

 



Old Mutual plc

Ref 471/15

22 June 2015

OM Asset Management Closing of offering of ordinary shares

OM Asset Management plc ("OMAM") announced today the closing of an underwritten public offering of 15,295,000 of its ordinary shares, including 1,995,000 shares sold pursuant to the full exercise of the underwriters' previously-granted option to purchase additional shares. The shares were sold by Old Mutual plc ("Old Mutual") at a public offering price of $17.50 per share.

Old Mutual will realise gross proceeds less the underwriting discount from the offering of $257 million. Following the sale, Old Mutual now owns 65.8% of OMAM. OMAM did not sell any shares in the offering and did not receive any proceeds from the offering.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup, and Credit Suisse Securities (USA) LLC acted as joint bookrunning managers for the offering.

Copies of the prospectus relating to the offering may be obtained from: BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, email: [e-mail] or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014 or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or Credit Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010, e-mail: [e-mail].  The prospectus may also be obtained, for free, by visiting the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                          [phone]

                                                             [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to more than 17 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations.

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

About OMAM

OMAM is a global, multi-boutique asset management company with $224.0 billion of assets under management as of 31 March 2015. Its diverse Affiliates offer leading, alpha generating investment products to investors around the world. OMAM's partnership approach, which includes equity ownership at the Affiliate level and a profit sharing relationship between OMAM and its Affiliates, aligns the interests of OMAM and its Affiliates to work collaboratively in accelerating their growth. OMAM's business model combines the investment talent, entrepreneurialism, focus and creativity of leading asset management boutiques with the resources and capabilities of a larger firm.

Forward-Looking Statements

The information in this release contains forward-looking information that involves substantial risks and uncertainties regarding the proposed offering. Such risks and uncertainties include, among other things, the possibility that the proposed offering will not be completed within a particular time frame or at a particular offering amount, or at all, including as a result of regulatory, market or other factors. Old Mutual assumes no obligation to update forward-looking statements contained in this release as the result of new information, future events or developments.  

 

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