Old Mutual Limited ("the Company") has commenced a share repurchase programme of the Company’s ordinary shares up to a maximum consideration of R2.5 billion. We will be repurchasing Old Mutual Limited shares on both the Johannesburg and London
Stock Exchanges during the period 12 March 2019 until the next annual general meeting of the Company on 24 May 2019.
The share repurchase programme has been effected in accordance with the General Authority received by way of a shareholder resolution passed at the annual general meeting, held on 6 March 2018, allowing the Company to repurchase up to 247 102 418 ordinary
shares, equivalent to 5% of the issued share capital of the Company. Old Mutual Limited has received approval from the Prudential Authority for the share repurchase programme.
The Old Mutual Limited Board believes that Old Mutual Limited is trading at a discount to its intrinsic value and is of the view that a share repurchase programme will deliver longer term incremental value to shareholders. The management team remains
committed to following a disciplined trading approach under the share repurchase programme and will only repurchase shares to the extent that market conditions are favourable. The purpose of the repurchase programme is to reduce the share capital
of the Company.
The share repurchase programme announced by the Company on 11 March 2019 was extended by R500 million on 10 May 2019.
Access the weekly SENS announcement relating to the share repurchase programme here.
Access the weekly individual trade information here.