Old Mutual plc has announces that it intends to proceed with an initial public offering(IPO) of a minority interest in its US Asset Management (USAM) business in 2014, subject to market conditions.
The purpose of the offering is to enhance USAM’s financial and operating flexibility to deploy capital to continue to grow and develop further its multi-boutique asset management business.
“We expect that this offering will broaden USAM’s access to capital to pursue future growth initiatives across its business, including collaborative investments in affiliate growth and further penetration of non-US markets through its global distribution platform, as well as strategic partnerships with high quality boutique asset management firms with complementary investment products,” the Company said.
Consequently, the directors of Old Mutual plc (the “Company”) is recommending a final dividend for the year ended 31 December 2013 of 6.0p per share (the “Final Dividend”), which will be paid (subject to being approved by shareholders at the Company’s 2014 Annual General Meeting) on30 May 2014.
Shareholders on the South African, Zimbabwe and Malawi branch registers and the Namibian section of the principal register will be paid the local currency cash equivalents of the Final Dividend under dividend access trust or similar arrangements established in each country.
While Shareholders who hold their shares through Euroclear Sweden AB, the Swedish nominee, will be paid the cash equivalent of the final dividend in Swedish Kronor. Local currency cash equivalents of the final dividend for all five territories will be determined by the Company using exchange rates prevailing at the close of business on 10 April 2014 and will be announced by the Company on 11 April 2014.
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