4th Aug 2005 15:30
Old Mutual PLC04 August 2005 Old Mutual plc's Black Economic Empowerment (BEE) ownership proposals implemented Old Mutual plc (the "Company") announces that it and its separately listedsubsidiary, Mutual & Federal Insurance Company Limited ("Mutual & Federal"),have today completed their BEE ownership plans in accordance with proposalsdescribed in a circular sent to the Company's shareholders at the end of May2005. Under the Company's transactions, the following new ordinary shares in theCompany have been issued today: • 28,920,000 shares to Brimstone Mtha UK SPV Limited; • 28,920,000 shares to WIPHOLD Financial Services No. 1 Limited; • 19,280,000 shares to Black Distributors SPV Limited; • 38,560,000 shares to Education SPV Limited; • 31,300,000 shares to the OMSA Broad-Based Employee Share Trust; and • 83,700,000 shares to the OMSA Management Incentive Trust. The first four of the above issues were made in favour of The Law DebentureTrust Corporation (Channel Islands) Limited as trustee. The newly issued shares in the Company are expected to be admitted to listing bythe UK Listing Authority ("UKLA") and to trading by the London Stock Exchangeand the JSE Securities Exchange South Africa on 5 August 2005, and applicationswill also be made for them also to be admitted to listing on the Namibian,Zimbabwe and Malawi Stock Exchanges. The total number of issued shares in the Company following the above issues isnow 4,087,470,181. As a consequence of the additional shares in issue, thefollowing changes have taken place in the percentages of issued share capitalrepresented by material shareholdings notified to the Company (based on the lastrespective notifications received): • the shareholding by Public Investment Corporation of the Republic of South Africa of 299,338,194 shares in the Company now represents 7.32% of the enlarged share capital; • the shareholding by the Company's subsidiary, Old Mutual Life Assurance Company (South Africa) Limited, of 274,950,790 shares in the Company now represents 6.73% of the enlarged share capital; • the shareholding by Aviva plc (through its fund management subsidiary, Morley Fund Management Limited) of 144,701,779 shares in the Company now represents 3.54% of the enlarged share capital; • the shareholding by Sanlam Investment Management (Pty) Limited of 141,767,994 shares in the Company now represents 3.47% of the enlarged share capital; and • the shareholding by Franklin Resources, Inc. and its affiliates of 124,902,980 shares in the Company now represents 3.01% of the enlarged share capital. Under Mutual & Federal's BEE ownership transactions, a total of 31,064,806 newordinary shares in Mutual & Federal have been issued, following which theCompany's overall shareholding in Mutual & Federal is now 77%. The Company's separately listed banking subsidiary, Nedbank Group Limited("Nedbank") expects to complete its BEE ownership transactions on 8 August 2005.Under these transactions, a total of 41,268,130 new ordinary shares in Nedbankwill be issued, following which the Company's overall shareholding in Nedbankwill be 50.1%. Jim Sutcliffe, Chief Executive, said, "I am delighted that Old Mutual's BEEownership arrangements have been successfully implemented, and look forward toworking with our new partners to transform our South African businesses anddeliver true empowerment to a large number of formerly disadvantaged SouthAfricans." 4 August 2005 Note: Copies of the circular sent to the Company's shareholders relating to theGroup's BEE ownership proposals were submitted to the UKLA and are available forinspection at the UKLA's Document Viewing Facility, which is situated at: Financial Services Authority25 The North ColonnadeCanary WharfLondon E14 5HSTel: + 44 (0) 20 7066 1000. ENQUIRIES: Old Mutual plc UKMiranda Bellord +44 (0) 20 7002 7133 Old Mutual plc SANad Pillay +27 (0) 21 504 8026 For further information about Old Mutual plc visit www.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Old Mutual PLC