Result of AGM

RNS Number : 1130D

Old Mutual PLC

10 May 2012

 



Ref 38/12

Old Mutual plc Annual General Meeting 2012 - Update on use of proceeds of fractions resulting from recent share consolidation and results of shareholder voting

At the Annual General Meeting of Old Mutual plc held in London earlier today, the Chairman of the Company, Patrick O'Sullivan, gave an update on how the Company has dealt with the fractions that arose as a result of the recent 7-for-8 share consolidation.  He confirmed that, in line with the arrangements described in the shareholder circular relating to the disposal of the Group's Nordic business, the proceeds of these fractional shares will be used for charitable purposes. The proceeds of sale of the fractions will be paid over to the Old Mutual Foundations located in the UK, South Africa, Malawi, Zimbabwe and Namibia respectively to be used in conjunction with the special dividends that those Foundations will receive on the shares that they hold in the Company. Working together, the Foundations will be investing these monies into various specific educational programmes. The total additional amount to be distributed among the Foundations is expected to be approximately £1.5 million, which is made up of approximately £1.3 million from the special dividend and about £200,000 from the proceeds of the fractional shares.

As far as the formal business of the AGM is concerned, all of the resolutions set out in the Notice of Meeting were voted on by a poll, and the results of the votes cast were as follows:

ORDINARY RESOLUTIONS

Resolution 1, to receive and adopt the directors' report and audited financial statements of the Group for the year ended 31 December 2011
Votes in favour	% of votes cast	% of total shares eligible to vote
3,167,341,962	99.94	67.42
Votes against	% of votes cast	% of total shares eligible to vote
2,004,618	0.06	0.04
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,169,346,580	67.46	3,458,947

Resolution 2, to declare a final dividend of 3.5p per ordinary share of 10p in the capital of the Company on the register at the close of business on 20 April 2012
Votes in favour	% of votes cast	% of total shares eligible to vote
3,169,736,083	99.99	67.47
Votes against	% of votes cast	% of total shares eligible to vote
289,116	0.01	0.01
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,170,025,199	67.48	2,802,747

Resolution 3(i), to elect Nku Nyembezi-Heita as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,069,812,391	97.03	65.34
Votes against	% of votes cast	% of total shares eligible to vote
93,884,728	2.97	2.00
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,163,697,119	67.34	9,130,496

Resolution 3(ii), to re-elect Mike Arnold as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,148,876,167	99.56	67.03
Votes against	% of votes cast	% of total shares eligible to vote
14,005,911	0.44	0.30
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,162,882,078	67.33	9,943,308

Resolution 3(iii), to re-elect Philip Broadley as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,151,033,278	99.55	67.07
Votes against	% of votes cast	% of total shares eligible to vote
14,125,510	0.45	0.30
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,165,158,788	67.37	7,668,802

Resolution 3(iv), to re-elect Eva Castillo as a director of the Company.
Votes in favour	% of votes cast	% of total shares eligible to vote
3,146,631,024	99.48	66.98
Votes against	% of votes cast	% of total shares eligible to vote
16,475,082	0.52	0.35
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,163,106,106	67.33	9,721,684

Resolution 3(v), to re-elect Russell Edey as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,138,593,059	99.39	66.81
Votes against	% of votes cast	% of total shares eligible to vote
19,155,054	0.61	0.41
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,157,748,113	67.22	15,077,626

Resolution 3(vi), to re-elect Alan Gillespie as a director of the Company.
Votes in favour	% of votes cast	% of total shares eligible to vote
3,134,643,774	99.26	66.72
Votes against	% of votes cast	% of total shares eligible to vote
23,342,201	0.74	0.50
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,157,985,975	67.22	14,839,865

Resolution 3(vii), to re-elect Reuel Khoza as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,046,705,940	97.55	64.85
Votes against	% of votes cast	% of total shares eligible to vote
76,436,619	2.45	1.63
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,123,142,559	66.48	49,685,031

Resolution 3(viii), to re-elect Roger Marshall as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,150,975,424	99.56	67.07
Votes against	% of votes cast	% of total shares eligible to vote
13,862,218	0.44	0.30
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,164,837,642	67.37	7,989,948

Resolution 3(ix), to re-elect Bongani Nqwababa as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,148,151,321	99.67	67.01
Votes against	% of votes cast	% of total shares eligible to vote
10,413,184	0.33	0.22
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,158,564,505	67.23	14,263,085

Resolution 3(x), to re-elect Patrick O'Sullivan as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,157,184,826	99.79	67.20
Votes against	% of votes cast	% of total shares eligible to vote
6,798,370	0.21	0.14
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,163,983,196	67.35	8,844,394

Resolution 3(xi), to re-elect Lars Otterbeck as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,138,262,232	99.28	66.80
Votes against	% of votes cast	% of total shares eligible to vote
22,849,151	0.72	0.49
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,161,111,383	67.29	11,714,356

Resolution 3(xii), to re-elect Julian Roberts as a director of the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,066,199,049	96.83	65.27
Votes against	% of votes cast	% of total shares eligible to vote
100,398,942	3.17	2.14
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,166,597,991	67.40	6,229,337

Resolution 4, to re-appoint KPMG Audit Plc as auditors to the Company
Votes in favour	% of votes cast	% of total shares eligible to vote
3,166,644,967	99.91	67.41
Votes against	% of votes cast	% of total shares eligible to vote
2,741,658	0.09	0.06
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,169,386,625	67.46	3,437,547

Resolution 5, to authorise the Group Audit Committee to settle the remuneration of the auditors
Votes in favour	% of votes cast	% of total shares eligible to vote
3,167,173,783	99.94	67.42
Votes against	% of votes cast	% of total shares eligible to vote
1,863,391	0.06	0.04
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,169,037,174	67.46	3,787,975

Resolution 6, to approve the Remuneration Report
Votes in favour	% of votes cast	% of total shares eligible to vote
2,846,756,024	90.01	60.60
Votes against	% of votes cast	% of total shares eligible to vote
315,798,433	9.99	6.72
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,162,554,457	67.32	10,273,283

Resolution 7, to grant authority to the Board to allot certain shares for cash
Votes in favour	% of votes cast	% of total shares eligible to vote
2,740,129,001	86.50	58.33
Votes against	% of votes cast	% of total shares eligible to vote
427,800,332	13.50	9.10
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,167,929,333	67.43	4,897,214

SPECIAL RESOLUTIONS

Resolution 8, to grant authority to disapply pre-emption rights in allotting certain equity securities and selling treasury shares
Votes in favour	% of votes cast	% of total shares eligible to vote
2,975,903,643	94.32	63.35
Votes against	% of votes cast	% of total shares eligible to vote
179,088,442	5.68	3.81
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,154,992,085	67.16	17,834,955

Resolution 9, to grant the Board authority to repurchase shares by market purchase on the London Stock Exchange
Votes in favour	% of votes cast	% of total shares eligible to vote
3,118,064,619	98.64	66.37
Votes against	% of votes cast	% of total shares eligible to vote
42,924,422	1.36	0.91
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,160,989,041	67.29	11,839,150

Resolution 10, to approve contingent purchase contracts relating to purchases of shares on the African stock exchanges where the Company's shares are listed
Votes in favour	% of votes cast	% of total shares eligible to vote
3,127,282,050	98.83	66.57
Votes against	% of votes cast	% of total shares eligible to vote
36,902,427	1.17	0.79
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,164,184,477	67.35	8,644,248

Resolution 11, to approve amendments to the Company's Articles of Association to address the introduction of Dividends Tax in South Africa
Votes in favour	% of votes cast	% of total shares eligible to vote
3,170,658,627	99.97	67.49
Votes against	% of votes cast	% of total shares eligible to vote
1,001,431	0.03	0.02
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,171,660,058	67.51	1,168,732

Resolution 12, to authorise the Company to convene general meetings, other than Annual General Meetings, on 14 days' notice
Votes in favour	% of votes cast	% of total shares eligible to vote
2,561,821,876	80.77	54.53
Votes against	% of votes cast	% of total shares eligible to vote
609,802,021	19.23	12.98
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,171,623,897	67.51	1,204,893

All the above resolutions were therefore duly passed.

Notes to the above table:

·      Votes in favour include proxy votes where the Chairman was give discretion how to vote.

·      Votes withheld are not counted in the calculation of the proportion of votes for or against a resolution.

·      The total shares eligible to vote was 4,697,898,127, being the total number of shares in issue at today's date, namely 4,872,098,141, less 174,200,014 shares beneficially held by life subsidiaries of the Company that are not eligible to be voted while so held.

·      In accordance with Listing Rules 9.6.2R and 9.6.3R, the full text of the resolutions passed, other than resolutions concerning ordinary business, has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm.do

Enquiries

External Communications / Investor Relations
Patrick Bowes		[phone]
Kelly de Kock		[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Europe, the Americas, Africa and Asia.  Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

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

 

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