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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)

Vodacom says independent chairman Peter Moyo will step down
Monday, 3 Apr 2017 11:05am EDT 

Vodacom Group Ltd : Peter Moyo, independent chairman will retire and step down from board at AGM to be held on July 18 .Moyo will be joining Old Mutual Emerging Markets as its CEO in June 2017.  Full Article

Old Mutual appoints Peter Moyo as CEO Old Mutual emerging markets
Monday, 3 Apr 2017 09:25am EDT 

Old Mutual Plc : Old Mutual appoints Peter Moyo as new chief executive of Old Mutual emerging markets .Mayo will take up his new position on June 1, 2017.  Full Article

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

More From Around the Web

Fitch Downgrades Old Mutual Plc's IDR to 'BBB'; Outlook Stable

(The following statement was released by the rating agency) LONDON, April 12 (Fitch) Fitch Ratings has downgraded Old Mutual Plc's (Old Mutual) Long-Term Issuer Default Rating (IDR) to 'BBB' from 'BBB+'. Fitch simultaneously affirmed Old Mutual Wealth Life Assurance Company Limited's (OMWL) Insurer Financial Strength Rating (IFS) at 'A'. The Outlooks are Stable. Fitch has also downgraded the IFS Rating of Mutual & Federal Insurance Company Limited (M&F) to 'BB+' from 'BBB-'. The Outlook is Stabl