Managed separation update: Old Mutual to offer up to 9.6% of Quilter in demerger

Listing on 25 June

Old Mutual has confirmed it will proceed with a global offer of up to 9.6% of Quilter, following shareholder and court approval for the group's managed separation.

On 25 May, shareholders overhelmingly voted in favour on both the demerger of Quilter from Old Mutual plc and for its listing, and transforming Old Mutual plc into a subsidiary of Old Mutual Limited, which will also be listed. As a result, Old Mutual will, therefore, proceed with the global offer of a 9.6% stake in Quilter. Applications will be made to list on the London Stock Exchange and Johannesburg Stock Exchange. The group said the indicative price range in respect of the global offer will be determined in due course, with a supplement being published on the matter on 11 June....