4th Apr 2007 14:30
Old Mutual PLC04 April 2007 Old Mutual plc Ref 18/07 4 April 2007 Completion of sale of shares by the Old Mutual South Africa Unclaimed Shares Trust Further to the statement by Old Mutual plc (the Company) on 30 January 2007 thatthe Trustees of its Unclaimed Shares Trusts would be disposing of theirremaining shareholdings, the Company announces that the Old Mutual South AfricaUnclaimed Shares Trust has now completed its programme of sales of a total ofapproximately 53.9 million shares, achieving an average price before expensesand tax of R24.04 per share over the six-week duration of the programme. Proposals for the use of these proceeds of sale (together with the residualassets in the other four Unclaimed Shares Trusts) are being submitted forshareholder approval at the Company's Annual General Meeting, which will takeplace in London on 24 May 2007. Notes to Editors Company's intended use of the proceeds of closure of the Unclaimed Shares Trusts Subject to approval by the Company's shareholders, the Company intends to usethe proceeds of closure of the Unclaimed Shares Trusts, in proportion to thejurisdiction from which they arose, as follows: • approximately £31 million (R430 million) will be set asideeffectively to extend the claims period of unconfirmed eligible policyholdersuntil 31 August 2009. Under these arrangements, any future claims that wouldhave been valid if submitted prior to 1 September 2006 will be settled by meansof a cash payment based on the closing share price on 31 August 2006 in theTrust jurisdiction concerned (other than Zimbabwe, where an adjustment will bemade at the discretion of Old Mutual Zimbabwe for the effects of localinflation); • a total of approximately £48 million (R670 million), less anypotential taxes applicable to the disposal of the shares, will be used eitherdirectly or via donation to the Old Mutual Foundations to fund good causes inthe jurisdiction of the Trust concerned; • a total of approximately £21 million (R300 million) will be usedto enhance the benefits of specific small policyholders of the Group's lifebusinesses in South Africa and Namibia. Old Mutual Old Mutual plc is an international savings and wealth management company basedin the UK. Originating in South Africa in 1845, the group has a balancedportfolio of businesses offering asset management, life assurance, banking andgeneral insurance services in over 40 countries, primarily South Africa, Europeand the United States. Old Mutual is listed on the London, Johannesburg andStockholm stock exchanges, among others. By conducting its business worldwide under its core values of integrity, respectand accountability, Old Mutual aspires to push beyond boundaries to drive valuefor all its stakeholders. In the year ended 31 December 2006, the group reported an increase in adjustedoperating profit of 16% to £1.4 billion (IFRS basis) and had £239 billion offunds under management. The Company has approximately 53,000 employees. For further information on Old Mutual plc, please visit the corporate website atwww.oldmutual.com Enquiries Investor RelationsMalcolm Bell UK +44 (0)20 7002 7166Deward Serfontein SA +27 (0)21 509 8709 MediaJames Crampton UK +44 (0)20 7002 7133Nad Pillay SA + 27 (0)21 504 8026 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Old Mutual PLC