Old Mutual Limited has successfully concluded its Share Repurchase Programme, returning significant value to its shareholders. The programme, which was initiated following an announcement on May 30, 2023, came to a close on October 16, 2023, resulting in the repurchase of 122,974,063 Old Mutual shares.
The Share Repurchase Programme was strategically designed with the primary objective of efficiently unlocking long-term incremental value for the company’s shareholders. This strategic move adhered to both the percentage and value limits established by the company’s shareholders, ensuring that it remained within the approved parameters.
Let’s take a closer look at the key details of the Share Repurchase Programme:
| Announcement Date | May 30, 2023 |
|---|---|
| Programme Duration | May 30, 2023 – October 16, 2023 |
| Total Shares Repurchased | 122,974,063 shares |
| Issued Share Capital Post-Repurchase | 4,790,906,428 shares |
| Shareholder Approval | Within the 3.5% of issued share capital and valued at R1.5 billion limits |
The conclusion of this programme signifies a significant achievement for Old Mutual and demonstrates the company’s commitment to enhancing value for its loyal shareholders.
The success of the Share Repurchase Programme is a testament to Old Mutual’s dedication to its shareholders. By adhering to the limits set by the Annual General Meeting in May 2023, the company has ensured that the repurchase initiative aligns with the wishes of its investors.
The Share Repurchase Programme has had a notable impact on the company’s capital structure and, ultimately, on its ability to deliver value to shareholders. The repurchased shares reduce the overall number of shares in circulation, potentially increasing the value of each remaining share and contributing to overall shareholder wealth.
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