UPDATE ON DISPOSAL OF JV INTE

RNS Number : 4391T

Old Mutual PLC

05 June 2009

 



Ref 42/09

5 June 2009 

UPDATE ON DISPOSAL OF JV INTERESTS

Nedbank Group Limited ('Nedbank Group' or the 'Company'), the 55%-owned South African banking subsidiary of Old Mutual plc has today made the following announcement.  

Results of General Meeting

Members are advised that at the general meeting of members of Nedbank Group held on Friday, 5 June 2009, the resolution relating to the placing of 12 855 359 ordinary shares in the authorised but unissued ordinary share capital of the Company under the authority and control of the board of directors for issue to Old Mutual plc and its wholly owned subsidiaries ('Old Mutual Group') in respect of the acquisition by Nedbank Group of Old Mutual Group interests in BoE (Proprietary) Limited, Nedgroup Life Assurance Company Limited and Fairbairn Private Bank Limited, was passed by a 90.25% majority of shareholders present and voting. Shareholders representing 29.68% of the issued ordinary share capital in Nedbank Group were present in person or by proxy at the meeting.

The acquisition will become unconditional when the last condition precedent, as set out in the announcement on 15 May 2009, has been fulfilled. 

As indicated in the circular posted to members on Tuesday, 19 May 2009, Old Mutual plc abstained from voting at the general meeting.

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

Enquiries

Investor Relations
Patrick Bowes	UK	[phone]
Aleida White	UK	[phone]
Deward Serfontein	SA	[phone]
Media
Matthew Gregorowski	UK / SA	[phone]
		[phone]
Don Hunter (Finsbury)	UK	[phone]

  Notes to Editors

Old Mutual

Old Mutual plc is a leading international long-term savings Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in over 40 countries in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees.

 

END

 

 

JVEUUURUQUPBUBA