• Old Mutual Limited launches share repurchase program to enhance shareholder value.
• The program has a maximum allocation of between R1.0 billion to R1.5 billion.
• The repurchase program will be implemented on the Johannesburg Stock Exchange (JSE) and is approved until December 31, 2023.

Old Mutual Limited announced the initiation of a share repurchase program aimed at enhancing shareholder value. The program, with a maximum allocation of between R1.0 billion to R1.5 billion, officially commenced on May 30, 2023.

Old Mutual’s decision to implement the Repurchase Programme follows its Results announcement on March 14, 2023, where the Company expressed its intention to pursue a share repurchase program. The program will be exclusively conducted on the Johannesburg Stock Exchange (JSE) and will adhere to JSE Listing Requirements.

The Repurchase Programme has received approval from the Prudential Authority and is valid until the end of the financial year on December 31, 2023. In line with the General Authority granted through a shareholder resolution passed at the Annual General Meeting held on May 26, 2023, Old Mutual is authorized to repurchase up to R1.5 billion, limited to 3.5% of the issued share capital for the financial year.

Old Mutual’s Board believes that the company’s shares are currently undervalued compared to their intrinsic value. By implementing the share repurchase program, the company aims to deliver incremental value to its shareholders over the long term. The management team will follow a disciplined trading approach and only repurchase shares when favorable market conditions prevail.

The primary objective of the Repurchase Programme is to reduce the share capital of Old Mutual. The repurchased shares will be cancelled as issued shares and will revert to authorized but unissued share capital status.