Old Mutual has set a price range of 125p-155p per share for up to 9.6% of ordinary shares of Quilter ahead of its listing later in the month and received regulatory approval for the sale of Richard Buxton's single-strategy funds business.
The firm said the expected offer size is up to 164,977,971 ordinary shares, together with an over-allotment option of up to 10% of the total number of ordinary shares comprised in the global offer, which will represent 9.5% of Quilter's ordinary shares at the time of admission.
The final price will be announced on or about 25 June, the day Quilter is due to list on the London Stock Exchange (LSE). Old Mutual is then due to de-list from the LSE the following day.
For every three Old Mutual plc shares held, shareholders will receive one ordinary share in Quilter and three ordinary shares in Old Mutual Limited, the new holding company of Old Mutual Emerging Markets, Nedbank and residual Old Mutual plc.
In addition, Old Mutual has also received regulatory approval for the sale of the £25.7bn single-strategy asset management business, headed by CEO Richard Buxton. This is being sold in a £600m deal to TA Associates and senior management including Buxton.
The group said it is "possible" the transaction could occur shortly following the admission of Quilter to the stockmarket.
It had previously been suggested the single-strategy sale would be completed "this summer" with a public rebrand taking place in October.
Old Mutual said the directors are considering a distribution to shareholders from the surplus sale proceeds, once costs have been accounted for.
Quilter is also in the process of separating the Multi-Asset Business from OMGI following completion of the OMGI sale, with this process still expected to cost approximately £20m.
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