3rd Nov 2021 11:53
Old Mutual Ltd - Cape Town, South Africa-based financial services firm - Old Mutual is days away from unbundling a stake in Johannesburg-listed lender Nedbank Group Ltd. In June, Old Mutual said it would unbundle to its shareholders 12.2% of a 19.4% stake in Nedbank. For every 100 Old Mutual shares, 1.32 Nedbank shares will be offered. As per a timetable set out by Old Mutual, Tuesday was the last day for new buyers of its shares to participate in the unbundling. The stock closed up 5.6% in Johannesburg on Tuesday, and rose 2.8% in London. Shares are lower on Wednesday, however. Effectively, Old Mutual has gone ex-dividend.
The unbundling is expected to be implemented on Monday.
Current Old Mutual stock price in Johannesburg: ZAR14.07, down 15% on Wednesday
Year-to-date change: up 18%
Current Old Mutual stock price in London: 71.20 pence, down 2.5% on Wednesday
Year-to-date change: up 19%
By Eric Cunha; [email protected]
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