OMAM announces closing of initial IPO
Old Mutual plc
Ref 238/14
15 October 2014
OM ASSET MANAGEMENT ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING
Old Mutual plc ("Old Mutual" or "the Group") today announces the closing of the initial public offering of 22,000,000 ordinary shares of OM Asset Management at a price to the public of $14.00 per share. Shares of OM Asset Management began trading on 9 October 2014 on the New York Stock Exchange under the ticker symbol "OMAM". The underwriters have an option, exercisable through November 7, 2014, to purchase up to an additional 3,300,000 shares from Old Mutual at the initial public offering price, less the underwriting discount, to cover over-allotments, if any.
Including the pre-offering dividend of $175 million from OM Asset Management which will also be received today, Old Mutual will realise estimated net proceeds of $456 million from the offering and associated transaction.
BofA Merrill Lynch, Morgan Stanley, Citigroup and Credit Suisse acted as joint book running managers for the offering.
The prospectus relating to the offering may be obtained from: BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, email: dg.prospectus_requests@baml.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014 or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or Credit Suisse Securities (USA) LLC, Attention: Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010, e-mail: newyork.prospectus@credit-suisse.com.
The prospectus may also be obtained for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov.
OM Asset Management is a global, multi-boutique asset management company with approximately $221 billion of assets under management as of 31 August 2014 through a diverse portfolio of asset managers that serve institutional investors around the world. Its business model combines the investment, talent, entrepreneurialism, focus and creativity of leading asset management boutiques with the resources of and capabilities of a larger firm.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Enquiries
External communications
Patrick Bowes UK +44 20 7002 7440
Investor relations
Dominic Lagan UK +44 20 7002 7190
Media
William Baldwin-Charles +44 20 7002 7133
+44 7834 524833
Notes to Editors
Old Mutual provides investment, savings, insurance and banking services to more than 16 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.
In the year ended 31 December 2013, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £294 billion of funds under management from core operations.
For further information on Old Mutual, please visit the corporate website at www.oldmutual.com
This information is provided by RNS
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