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Old Mutual PLC (OML.L)

OML.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Coronation Asset Management discloses 3.84 pct voting rights in Old Mutual - filing
Wednesday, 22 Mar 2017 11:30am EDT 

Regulatory filing:Coronation asset management discloses 3.84 pct of voting rights in Old Mutual Plc on March 22 versus 4.98 percent as at Dec. 12 2016 - regulatory filing.  Full Article

Old Mutual posts 1 pct rise in FY operating profit to 1.7 bln stg
Thursday, 9 Mar 2017 02:10am EST 

Old Mutual Plc : Old mutual plc 2016 preliminary results - part 1 . Adjusted net asset value (nav) at 228.6p per share (2015: 178.9p per share) . Pre-Tax adjusted operating profit (aop) of £1.7 billion, broadly flat year-on-year in constant and reported currency . Ifrs pre-tax profit of £1.2 billion (2015: £1.2 billion), including impairments of £160 million in 2016 in respect of ecobank transnational incorporated (eti), old mutual southern and east africa (omsea) and old mutual wealth italy . Second interim dividend of 3.39p; total dividend of 6.06p . Fum (excluding rogge) at £394.9 billion up 30% . Nccf of £6.4 billion, excluding rogge (2015: £6.6 billion . Plc net operational cost savings identified of circa £95 million by 2019 from a base of 2015 . One-Off costs to unlock these net operational savings will be circa £130 million . Reduced stake in omam to 51% raising net proceeds of £230 million . Sold old mutual wealth (omw) italy for net proceeds of £210 million . Materially reduced holding company debt by £385 million, reducing annual finance costs by £21 million in 2017 . Expected one-off transaction advisory and listing costs (excluding capital items) estimated to be at least £100 million . Old mutual emerging markets' (omem) future focus will be on sub-saharan africa . Following a review of its business, omem will be implementing a new target operating model . Solvency ii ratio of 124% (1 january 2016: 138%).  Full Article

Old Mutual completes sale of Old Mutual Wealth Italy
Monday, 9 Jan 2017 05:32am EST 

Old Mutual Plc : Completion of sale of Old Mutual Wealth Italy .Proceeds will be retained for general corporate purposes.  Full Article

Old Mutual says raises $291 mln from OM Asset Management share sale
Tuesday, 20 Dec 2016 02:43am EST 

Old Mutual Plc : Says OM Asset Management announced today closed its underwritten public offering of 14.95 million of its ordinary shares. . Says following sale, Old Mutual now owns 51.1 pct of OMAM. . Says shares were sold by Old mutual at a public offering price of $14.25 per share. .Says Old Mutual will realise gross proceeds less underwriting discount from offering of $291 million..  Full Article

OM Asset Management announces results of shares placing
Tuesday, 20 Dec 2016 02:32am EST 

OM Asset Management Plc : Closing of offering of 14.95 million of ordinary shares . BofA Merrill Lynch, Morgan Stanley & Co. Llc, Citigroup, Credit Suisse Securities (USA) Llc, Evercore ISI acted as joint bookrunning managers . Shares were sold by Old Mutual Plc ('Old Mutual') at a public offering price of $14.25 per share. .Old Mutual will realise gross proceeds less underwriting discount from offering of $291 million..  Full Article

Om Asset Management prices secondary offering at $14.25 per share
Wednesday, 14 Dec 2016 02:00am EST 

Old Mutual Plc : Om Asset Management Announces Pricing Of Secondary Offering . Pricing of public offering of 13 million of its ordinary shares at a public offering price of $14.25 per share . Expects to repurchase 6 mln ordinary shares directly from OM Group (UK) Limited was also priced at $14.25 per share .Public offering is expected to close on 19 December 2016.  Full Article

Old Mutual sees 2016 corporate costs in-line with a year earlier
Tuesday, 11 Oct 2016 05:00am EDT 

Old Mutual Plc : Old mutual plc - capital markets day . Intend to continue with phased reduction of our 66% holding in omam in an orderly manner while supporting development of its strategy . Omw has announced that for three months ended 30 september 2016, it recorded net client cash flow of £0.9 billion (q3 2015: £2.3 billion) . Through asset disposals and use of old mutual's surplus cash, we intend to materially reduce old mutual's holding company debt . Omw had funds under management of £119 billion (fy 2015: £104 billion) for 3 mths ended sept 30 . Old mutual - currently estimated at £5 million to £10 million per annum; and one-off costs of between £50-£65 million for winding down head office and its activities in london. . Corporate costs in 2016 are expected to be in line with 2015 . For omw, managed separation costs and business stand-alone costs in second half of 2016 are expected to be approximately £10 million .Total cost to complete re-platforming of it business platform will be in range of £425 million to £450 million, excluding any further spend on heritage.  Full Article

Old Mutual says OMAM completes investment in Landmark Partners
Friday, 19 Aug 2016 02:00am EDT 

Old Mutual Plc :OMAM completes investment in Landmark Partners.  Full Article

Old Mutual CEO Hemphill says UK watchdog probes could affect break-up timetable
Thursday, 11 Aug 2016 03:23am EDT 

Old Mutual Plc : Ceo bruce hemphill says uk financial watchdog investigations into its insurance business could affect timing of break-up plans, value of uk business . Ceo bruce hemphill says aims to cut uk head office staff to 140 by end-2016 from 275 Further company coverage: [OML.L] ((carolyn.cohn@thomsonreuters.com;)).  Full Article

Old Mutual sells Old Mutual Wealth Italy for 278 mln euro
Tuesday, 9 Aug 2016 02:35am EDT 

Old Mutual Plc : Sale of Old Mutual Wealth Italy . To sell Old Mutual Wealth Italy to ERGO Italia, owned by Cinven. . Consideration for transaction is 278 mln euro in cash, plus interest to completion. . Transaction is subject to usual regulatory approvals and customary conditions and is expected to complete within six months . Says sale is final part of divestment of Old Mutual Wealth's continental European businesses allowing it to focus on its core UK . As at 31 Dec 2015, OMWI had eur 7 billion of funds under management, contributed 22 mln euro of post-tax earnings for year ending 31 Dec. .Says proceeds will be retained by Old Mutual for general corporate purposes.  Full Article

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BRIEF-Old Mutual sells minority stake in U.S. fund arm to China's HNA

* Old Mutual Plc agrees to sell a minority stake in OMAM to HNA Capital US