May 25, 2017 / 6:14 AM / 2 months ago

BRIEF-Old Mutual says may launch small IPO for Old Mutual Wealth

1 Min Read

May 25 (Reuters) - Jse: Oml - Old Mutual Plc Annual General Meeting

* Old mutual plc chief executive bruce hemphill said

* We are aiming to complete two listings that will materially deliver managed separation at earliest opportunity in 2018

* We believe that current structure inhibits efficient funding of future growth plans for individual businesses, restricting them from their full potential

* We have contributed £200 million of capital into omw with a consequential reduction in plc's liquidity support and centrally held liquidity buffers for omw of £130 millio

* We intend to pursue one or more transactions which will ultimately deliver two separate entities, listed on both london and johannesburg stock exchanges, into hands of old mutual plc's then shareholders

* One will consist principally of omw operations and primary means of achieving this outcome is likely to be through a demerger, with possibility of a small initial public offering Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below