Old Mutual fixes listings dates
Unbundling of stake in Nedbank will complete separation process
Old Mutual has set off on the road to complete the managed separation process it embarked on two years ago, announcing dates and details on Friday for the two listings that will lead to the break-up of the group. The group’s UK wealth business Quilter plans to list on the London Stock Exchange (LSE) on June 25 while Old Mutual Ltd, its Johannesburg-based sub-Saharan African business, will come home to a primary listing on the JSE on June 26, in a move Old Mutual Ltd CEO Peter Moyo said would “signal the return of Old Mutual to Africa”. That will end the group’s almost two decades as a London-based, FTSE100 financial services group, with its shareholders receiving shares in both Quilter and Old Mutual Ltd before the London listing of Old Mutual plc is terminated on June 29. The bulk of the group’s stake in Nedbank will be unbundled to Old Mutual Ltd shareholders about six months later, completing the managed separation process that the London-group embarked on in March 2016 in an ef...
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