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Old Mutual "Managed separation update"

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tieresias
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Old Mutual "Managed separation update"

#133977

Postby tieresias » April 22nd, 2018, 9:25 pm

I assume others here hold Old Mutual (OML).

If I've understood this right, their plans to break up the business have now come to fruition and they will leave the wealth management department on the London market, re-branded as Quilter, and de-list the rest of the firm and re-list it back in South Africa. So, in effect it's no longer an investable HYP stock, for those of us who stick to UK-listed companies. Right?

https://uk.webfg.com/news/Company-Annou ... 61144.html
https://www.investmentweek.co.uk/invest ... er-rebrand

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Re: Old Mutual "Managed separation update"

#133982

Postby Alaric » April 22nd, 2018, 9:38 pm

tieresias wrote:I assume others here hold Old Mutual (OML).

If I've understood this right, their plans to break up the business have now come to fruition and they will leave the wealth management department on the London market, re-branded as Quilter, and de-list the rest of the firm and re-list it back in South Africa. So, in effect it's no longer an investable HYP stock, for those of us who stick to UK-listed companies. Right?


From the linked document

The proposals to finalise the managed separation require Old Mutual plc shareholder and UK Court approvals. If the proposals are approved by shareholders and the UK Court, and upon listing of the relevant securities as set out in the summarised timetable below, for every three Old Mutual plc shares held shareholders will receive:

· one ordinary share in Quilter (formerly Old Mutual Wealth); and

· three ordinary shares in Old Mutual Limited


Old Mutual Limited will continue to have a London listing

OML will have its primary listing on the Johannesburg Stock Exchange, a standard listing on the London Stock Exchange and secondary listings on the Malawi Stock Exchange, Namibian Stock Exchange and the Zimbabwe Stock Exchange.


At one stage they were talking of a four way demerger. Although they do go on to say

for every 100 OML shares held, OML shareholders will receive approximately three ordinary shares in Nedbank.

and also
BrightSphere Investment Group, a US based institutional asset manager, which rebranded from OM Asset Management in March 2018, is now independent from Old Mutual.

So that makes 4.

Quilter, the new name for Old Mutual Wealth and the "new" Company, is mostly the UK business of what was Skandia along with Old Mutual plc's UK and International businesses.

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Re: Old Mutual "Managed separation update"

#148368

Postby Alaric » June 27th, 2018, 2:21 pm

The separation of Old Mutual plc into Old Mutual Ltd and Quilter has gone ahead. Have the apportionment factors for splitting the CGT base cost been established and published?

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Re: Old Mutual "Managed separation update"

#148384

Postby PinkDalek » June 27th, 2018, 2:53 pm

Alaric wrote:The separation of Old Mutual plc into Old Mutual Ltd and Quilter has gone ahead. Have the apportionment factors for splitting the CGT base cost been established and published?


I think it unlikely, assuming it happened fairly recently. Page 110 in the link below talks about apportioning in the normal way based on market prices following the Quilter demerger (if you need to calculate some approximate numbers).

However, I’m not a holder and don’t know what happened on the “Nedbank Unbundling” but see page 111 here:

https://www.oldmutual.com/docs/default- ... 1cb6e928_4

Other announcements here https://www.oldmutual.com/investor-rela ... -plc/about

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Re: Old Mutual "Managed separation update"

#241911

Postby Alaric » August 5th, 2019, 4:55 pm

Quilter have followed the lead set by Standard Aberdeen and sold their life assurer interests to a "consolidator", in this case Reassure. They seem to be moving sideways from being a "wholesaler" of financial products to being a retailer by buying up advice networks and rebranding them.

What used to be Old Mutual Fund Manager OEICs are independent of Quilter and now branded Merian.

https://www.professionalpensions.com/pr ... or-gbp425m


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