Our deep, long-standing commitment to making a positive impact in the communities and countries where we operate remains a priority, together with our quest to champion financial inclusion, education and responsible investment.
Exciting opportunities lie ahead for us as an independently listed business and we look forward to delivering sustainable profit growth and returns for our shareholders and making positive contributions to the societies in which we operate.
By driving long-term economic growth in Africa, we can positively impact the lives of all our customers and communities on the continent.
Old Mutual was started in Africa in 1845 and rapidly developed into a recognised brand across much of Southern Africa. Over the years our business expanded internationally and in 1999 we listed on the London Stock Exchange.
In March 2016, it was decided that the best way forward for the Old Mutual Group was to separate its four strong businesses into independent, standalone companies. The foremost aim of this strategy – called Managed Separation – has been to unlock and create value for shareholders.
In short, it became clear that the Group’s complex structure and the high running costs of operating in diverse geographies and regulatory environments actually locked in value. To unlock that value, a Managed Separation of the four underlying businesses – Old Mutual Emerging Markets, Nedbank, UK based Old Mutual Wealth and US based Old Mutual Asset Management – was necessary.
As part of that Managed Separation, it was agreed that Old Mutual Emerging Markets (OMEM) would strengthen its focus on Africa and move its primary listing to Africa.
As Old Mutual Limited, our primary listing is now on the Johannesburg Stock Exchange. We also have a standard listing on the London Stock Exchange and secondary listings on three other stock exchanges in Africa: Namibia, Malawi and Zimbabwe.
The growth opportunities in Africa are enormous and exciting – and we are well positioned to make the most of those opportunities, while contributing significantly to the socio-economic progress of the communities we operate in.
One of them, Old Mutual Asset Management (OMAM), based in the US, was sold and is now called BrightSphere Investment Group.
Old Mutual Wealth based in the UK was rebranded as Quilter plc and is now independently listed on the London Stock Exchange – with a secondary listing on the Johannesburg Stock Exchange.
On 26 September 2018 Old Mutual Limited announced its plans to unbundle its 52% majority stake in Nedbank. After the Nedbank Unbundling, Old Mutual will retain a minority interest of 19.9% of the issued share capital of Nedbank in its shareholder funds.
For every three Old Mutual plc shares held, Old Mutual plc shareholders received one ordinary share in Quilter plc and three ordinary shares in Old Mutual Limited. They no longer hold any shares in Old Mutual plc.
For every 100 Old Mutual Limited shares owned at the point of distribution of the unbundled Nedbank shares, shareholders will receive approximately 3.2 Nedbank shares.
No, the fundamental way in which we operate is not changing, nor is the listing affecting the benefits of the policies and products our customers currently hold.
Our customers are in the same capable hands as they have always been. We continue to drive a customer-centric culture that is committed to elevating the quality of our product innovations, distribution channels and customer service.
And, of course, we continue to contribute positively to society and deliver benefits to all our stakeholders, including our customers, employees, communities, shareholders and partners in the public and private sectors.
Our employees benefit from being part of a company that is on the road to success, a company that is helping to drive the growth and positive transformation of the economies and communities we operate in.
The listing of Old Mutual Limited as an independent, standalone entity frees us to strengthen our focus on Africa. In fact, it brings us even closer to our long-term vision of being Africa’s financial services champion, and is therefore good news for all our customers and employees.
As an independent entity focused on Africa, with leaders who understand Africa, we are closer than ever to the markets in which we operate and we are in a stronger position to build the financial wellbeing of the customers we serve.
If you have any questions relating to your shareholding, please contact the registrar of the share register on which your Old Mutual shares are held:
Link Market Services
+27 (0)86 140 0110 (if calling from South Africa)
+27 (0)11 029 0251 (if calling from overseas)
National Bank of Malawi
+265 (0)182 0622 | +265 (0)182 0054
+264 (0)61 227647
0333 207 5952 (if calling from the UK)
+44 121 415 0805 (if calling from overseas)
Corpserve Share Transfer Secretaries
+263 (0) 4751559 | +263 (0) 4751561