Last checked at 29 Mar 2019 13:30
Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or "the Company")
Ref 09/19
29 March 2019
BEE CERTIFICATE AND ANNUAL COMPLIANCE REPORT
Shareholders are advised that the Company's 2018 BEE certificate and the Annual Compliance Report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment ("B-BBEE") Amendment Act, No 46 of 2013, are available on the Company's website at: www.oldmutual.co.za/about-us/transformation/black-empowerment/bee-certificates
Overall BBBEE status
Old Mutual has retained its Level 2 BBBEE status for the 10th consecutive year.
Deemed Black South African Economic interest in Old Mutual
The Old Mutual share register became more South African following the share-for-share exchange between Old Mutual plc ("OM plc") and Old Mutual Limited ("OML") and the subsequent listing of OML on the JSE. This shift towards a more South African register had a positive impact on Old Mutual's deemed South African Black Ownership as measured in accordance with the Amended Financial Sector Code ("Black Ownership").
An industry wide process which involves the Association for Savings and Investments South Africa ("ASISA") and the Financial Services Transformation Council ("FSTC"), constituted in terms of the Financial Sector Code with the objectives of, inter alia, reviewing implementation guidelines and supporting compliance, is underway to clarify the recognition of value distributed to BBBEE shareholders through the unbundling of an asset.
As the consultation process is still on-going and in the absence of an agreed approach with the FSTC, Old Mutual has excluded the value of assets distributed to its BBBEE shareholders as part of the Managed Separation from its Black Ownership disclosed in the OML BBBEE certificate dated 13 March 2019. This has more than offset the positive impact of a more South African register resulting in a net reduction in Old Mutual' s Black Ownership from the 21.5% reported as at 31 December 2017, to 19.5% reported as at 31 December 2018.
Old Mutual is of the view that value distributed to its BBBEE shareholders during 2018 as part of the Managed Separation should be appropriately recognised.
Should this process deliver a favourable outcome, Old Mutual will re-issue its BBBEE certificate. In this instance its Black Ownership is expected to increase to a level above 21.5%, reported as at 31 December 2017, but to remain below the FSC target of 25%.
Sponsors
Johannesburg Stock Exchange | Merrill Lynch South Africa (Pty) Limited |
Namibia | PSG Wealth Management (Namibia) (Proprietary) Limited |
Zimbabwe | Imara Capital Zimbabwe plc |
Malawi | Stockbrokers Malawi Limited |
Enquiries
Investor Relations | |
Sizwe Ndlovu Head of Investor Relations | T: +27 (0)11 217 1163 E: tndlovu6@oldmutual.com |
Communications | |
Tabby Tsengiwe Head of Communications | T: +27 (11) 217 1953 M: +27 (0)60 547 4947 E: ttsengiwe@oldmutual.com |
Notes to Editors
About Old Mutual Limited
Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 17 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.
For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com.