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Old Mutual PLC (OML.L)

OML.L on London Stock Exchange

196.60GBp
26 May 2017
Change (% chg)

1.40 (+0.72%)
Prev Close
195.20
Open
195.10
Day's High
197.10
Day's Low
194.20
Volume
6,922,516
Avg. Vol
10,216,508
52-wk High
229.84
52-wk Low
168.30

Latest Key Developments (Source: Significant Developments)

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

Old Mutual confirms deal talks with Cinven regarding Italian business
Thursday, 4 Aug 2016 11:00am EDT 

Old Mutual Plc : Old Mutual enters into exclusive negotiations regarding its Italian business . Announces that it has entered into a short period of exclusive negotiations with Cinven, owner of ERGO Italia, regarding sale of Old Mutual Wealth Italy . Old Mutual Wealth Italy is owned by Old Mutual Wealth, part of Old Mutual Plc. .Can be no certainty that these negotiations will lead to any transaction.  Full Article

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