Hilary Joffe Columnist

Shareholders in the two companies that will come out of Old Mutual’s break-up may get extra cash via special dividend payouts after they list in London and Johannesburg in June. The two new listings, which will see Old Mutual plc shareholders receive three Old Mutual Ltd and one Quilter share in exchange for every three Old Mutual plc shares they own, will bring Old Mutual’s London foray to an end, almost 20 years after the group demutualised and set up as a public limited company in July 1999. The group, which held what is expected to be its last annual general meeting in London on Monday, was on schedule and below budget with the managed separation strategy it embarked on just over two years ago, Old Mutual plc chairman Patrick O’Sullivan said. Its shareholders will vote on the demerger on May 25, with UK courts ruling on the transaction on the same day. The Old Mutual plc share price opened on Monday at a all record high of £2.60. CEO Bruce Hemphill took over and started to put i...

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