Old Mutual Limited ("the Company") has commenced a share repurchase programme of the Company’s ordinary shares up to a maximum consideration of R2.4 billion. The Company will be repurchasing Old Mutual Limited shares on the Johannesburg Stock Exchange
from 03 September 2019.
The share repurchase programme is effected in accordance with the General Authority received by way of a shareholder resolution passed at the Annual General Meeting, held on 24 May 2019, allowing the Company to repurchase up to 169 094 269 ordinary shares,
equivalent to 3.5% of the issued share capital of the Company.
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.
Access the weekly SENS announcement relating to the share repurchase programme here.
Access the weekly individual trade information here.
Access the trade details in respect of the previous share repurchase programme (13 March – 22 May 2019) here.