FOOTNOTES
HILARY JOFFE: Investors loath to close Old Mutual share price gap as managed separation nears
The shape and personality of the two new companies has started to emerge
Old Mutual insiders call it "exchange day" — the day in 2018 on which London-listed Old Mutual plc will disappear from the London Stock Exchange, to be replaced by two new listings: Old Mutual Ltd and Quilter. Assuming all goes well with the group’s managed separation process, and in particular that regulators in many jurisdictions give it the green light, as it were, exchange day will take place soon after the group releases year end results in March. Old Mutual Ltd, which is moving into its new building in Rivonia Road, Sandton, is the SA and emerging markets business that has Peter Moyo as CEO and Trevor Manuel as chairman. It will have its primary listing on the JSE, with a secondary listing in London. It will initially hold the group’s 53% of Nedbank but will unbundle most of this to its shareholders later in 2018, keeping a strategic stake of just 19.9%. Quilter is the new brand for the group’s UK wealth business, which will have its primary listing on the London Stock Exchang...
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