Results of shareholder voting

RNS Number : 3492Z

Old Mutual PLC

14 March 2012

 



Ref 21/12

14 March 2012

Old Mutual plc General Meeting relating to the sale of the Group's Nordic business

 Results of shareholder voting

At the General Meeting of Old Mutual plc ("Old Mutual" or the "Company") held in London earlier today, shareholders voted to approve the sale of the Company's Nordic business to Skandia Liv for a net cash consideration of SEK22.4 billion (£2.1 billion) (the "Disposal"). As this was the last remaining condition precedent to the transaction going ahead, completion of the sale is now expected to take place on 21 March 2012.  Once the sale has been completed, the special dividend of 18p per share (or its equivalent in other relevant currencies) announced on 3 February 2012 and confirmed on 9 March 2012 (the "Special Dividend") will become unconditional. 

Shareholders also voted today in support of the 7 for 8 share consolidation that will take place once the existing shares are no longer entitled to receive the Special Dividend. The full timetable for payment of the Special Dividend and for the consolidation of the Company's shares was announced with our preliminary results for the year ended 31 December 2011 on 9 March 2012 and the key dates are that it is expected to be paid on 7 June 2012 to shareholders on the register at the close of business on 20 April 2012.

Julian Roberts, Group Chief Executive of Old Mutual, said: "I am delighted that our shareholders have voted overwhelmingly in favour of this disposal, which we believe represents a unique opportunity to create value for both Old Mutual's shareholders and Skandia Liv's policyholders. While it is always sad to say goodbye to colleagues, I am convinced that the combination of Skandia Liv and the Nordic business will go from strength to strength."

The detailed results of the votes on the resolutions set out in the Notice of Meeting contained in the shareholder circular dated 3 February 2012 (which were voted on by a poll) were as follows:

Resolution 1: To approve the disposal of the Skandia Nordic business
Votes in favour	% of votes cast	% of total shares eligible to vote
3,985,247,485	99.99%	74.32%
Votes against	% of votes cast	% of total shares eligible to vote
482,897	0.01%	0.01%
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,985,730,382	74.33%	113,216,884

Resolution 2: To approve the consolidation of the Company's share capital on a 7 for 8 basis, subject to the conditions described in the resolution
Votes in favour	% of votes cast	% of total shares eligible to vote
3,996,521,934	99.97%	74.53%
Votes against	% of votes cast	% of total shares eligible to vote
1,263,943	0.03%	0.02%
Total votes cast (excluding votes withheld)	% of total shares eligible to vote	Votes withheld
3,997,785,877	74.56%	101,161,542

Both of the 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 number of shares eligible to be voted at the date of the meeting was 5,362,184,625, being the total number of shares in issue (5,562,354,698) less the 200,170,073 shares beneficially owned by the Company's African life subsidiaries, which are not eligible under the Companies Act 2006 to be voted while so owned.

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

Enquiries

Investors/Analysts
Patrick Bowes		[phone]
Kelly de Kock		[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual plc 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 15 million customers in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the Johannesburg Stock Exchange, 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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