RNS Number : 8338M
Old Mutual Limited
19 November 2024
 

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

JSE Alpha Code: OMLI

LSE Share Code: OMU

NSX Share Code: OMM

MSE Share Code: OMU

ZSE Share Code: OMU

("Old Mutual" or "OML" or "the Company")

 

Ref 98/24

 

19 November 2024

 

OLD MUTUAL SHARE REPURCHASE PROGRAMME

Shareholders are referred to the general repurchase authority ("General Repurchase Authority") received at the Annual General Meeting on 31 May 2024, which authorises the Company to acquire up to 5% of Old Mutual's ordinary shares in accordance with the Johannesburg Stock Exchange ("JSE") Listings Requirements. Old Mutual has since received approval from the Prudential Authority to proceed with a share buyback of circa 81 million shares or such number of shares equivalent to R1 billion under the General Repurchase Authority (the "Repurchase Programme"). OML wishes to announce that the Repurchase Programme will commence on 21 November 2024 and will continue until the approved maximum amount is reached.

 

The repurchase of OML shares will take place on the JSE only and will be implemented in terms of the JSE Listing Requirements

 

The OML Board believes that OML is trading at a discount to its intrinsic value and is of the view that a Repurchase Programme will deliver longer term incremental value to shareholders. The purpose of the Repurchase Programme is to reduce the share capital of the Company.

 

The repurchased shares shall be cancelled as issued shares and will revert to authorised but unissued

share capital status. 

 

This announcement is also available on the Old Mutual website at www.oldmutual.com.

 

Sandton

Sponsors

JSE

Equity Sponsor: Tamela Holdings (Proprietary) Limited

Debt Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Namibia

PSG Wealth Management (Namibia) (Proprietary) Limited

Zimbabwe

Imara Capital Zimbabwe plc

Malawi

Stockbrokers Malawi Limited

 


Enquiries


Investor Relations


Langa Manqele

Head of Investor Relations

 

M: +27 82 295 9840

 E: investorrelations@oldmutual.com

Communications


Wendy Tlou

Chief Communications and Reputation Officer

M: +27 82 906 5008

E: oldmutualnews@oldmutual.com

 

​

Notes to Editors

 

About Old Mutual

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 12 countries. Old Mutual's primary operations are in Africa and it has a niche business in China. With over 179 years of heritage across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader society on the continent.

​For further information on Old Mutual and its underlying businesses, please visit the Corporate website at www.oldmutual.com. 

 

 

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