Convertible Bond Offer Result
Old Mutual PLC
30 April 2001
Old Mutual plc
Results of Convertible Bond Offer
Old Mutual Finance (Cayman Islands) Limited (the 'Issuer') US$575 million
3.625 per cent. Guaranteed Convertible Bonds due 2005 guaranteed by Old Mutual
plc and convertible into 3.625 per cent. Exchangeable Redeemable Preference
Shares in the Issuer which will be immediately exchanged for Ordinary Shares
in Old Mutual plc.
Old Mutual Finance (Cayman Islands) Limited is pleased to announce that the
issue price of the above issue of subordinated guaranteed convertible bonds
due 2005 (the 'Bonds') has been fixed at 100 per cent. and that the interest
rate has been fixed at 3.625 per cent. payable semi-annually.
The initial exchange price has been set at 190 pence, which represents a
premium of 29 per cent. over the volume weighted average price of the Ordinary
Shares of Old Mutual plc on 26 April 2001.
On 27 April 2001, Merrill Lynch International on behalf of the Managers
exercised its option to require the Issuer to issue US$ 75,000,000 in
aggregate principal amount of Bonds to cover over-allotments.
The Bonds, the Preference Shares and the Ordinary Shares to be issued in
exchange for the Preference Shares upon conversion of the Bonds, have not been
and will not be registered under the US Securities Act of 1933 (as amended)
and include Bonds in bearer form that are subject to US tax law requirements.
Subject to certain exceptions, Bonds may not be offered, sold or delivered
within the United States or to US persons.
In connection with this issue Merrill Lynch International may over-allot or
effect transactions, which stabilise or maintain the market price of the Bonds
and/or the Ordinary Shares of Old Mutual plc at a level which might not
otherwise prevail. Such stabilising, if commenced, may be discontinued at any
time.
This press release does not constitute an offer of, or an invitation by or on
behalf of Old Mutual plc or Old Mutual Finance (Cayman Islands) Limited to
subscribe for or purchase any of the Bonds. The Bonds are not being offered in
South Africa or to South African residents.
30 April 2001
ENQUIRIES:
Old Mutual plc, London Tel: +44 (0) 20 7569 0121
James Poole, Director, Investor Relations
College Hill, London Tel: +44 (0) 20 7457 2020
Tony Friend
College Hill, South Africa Tel: +27 (0) 11 447 3030
Linda Baker
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