Notice of redemption of preferred securities

RNS Number : 3665K

Old Mutual PLC

20 August 2012

 



Ref 81/12

Old Mutual plc

20 August 2012

Old Mutual to redeem U.S.$750,000,000 8 per cent. Guaranteed Cumulative

Perpetual Preferred Securities of Old Mutual Capital Funding L.P.

(ISIN: XS0168687100) (the "Preferred Securities")

Old Mutual plc (the "Company") announces that all of the Preferred Securities, which were issued by Old Mutual Capital Funding L.P. (the "Limited Partnership") on 19 May 2003 and are guaranteed on a subordinated basis by the Company, will be redeemed on 22 September 2012. The UK Financial Services Authority has been informed about the proposed redemption and has confirmed its non-objection.

Notice has today been given to the holders of the Preferred Securities that, pursuant to the terms and conditions of the Preferred Securities (the "Terms and Conditions"), Old Mutual Capital Funding (Jersey) Limited, in its capacity as general partner of the Limited Partnership, will exercise its right to redeem all of the Preferred Securities on 22 September 2012. Redemption of the Preferred Securities is made in accordance with Condition 4.2 of the Terms and Conditions. Accordingly, on 22 September 2012 all of the Preferred Securities issued by the Limited Partnership will be redeemed in whole for cash at a redemption price equal to the Optional Redemption Price (as such term is defined in the Terms and Conditions).

The redemption of the Preferred Securities will complete the Company's target of £1.5 billion of debt reduction that it set in 2010 to be achieved by the end of 2012.

Enquiries

External communications
Patrick Bowes	UK	[phone]
Investor relations
Kelly de Kock	SA	[phone]
Media
William Baldwin-Charles		[phone] [phone]

Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Africa, the Americas, Asia and Europe.  Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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