'We’re in the final straight' - Old Mutual CEO on splitting the company in 4
In 2016 Old Mutual plc announced a new strategy – the separation of its four underlying businesses in Africa, the UK and elsewhere.
The process is called a “managed separation”.
If the proposals to finalise the strategy are approved, then Old Mutual plc shareholders will receive shares in Old Mutual Limited, the new name of the African business, and Quilter plc, the new name of the UK business, in exchange for their existing shares.
Old Mutual also intends to distribute most of its Nedbank shares to shareholders.
Whitfield asked Hemphill to give an update on the “conscious uncoupling” (apologies to Gwyneth Paltrow).
Listen to the interview in the audio below (and/or scroll down for quotes from it).
We’re in the final straight… We have two more fences to cross…Bruce Hemphill
We don’t see any obstacles… We’ve had long discussions with the institutional investors… We’re comfortable that, from a shareholder perspective, we’ll be fine.Bruce Hemphill
There should be quite a significant uplift in value… We’re going to reduce debt, operating costs…Bruce Hemphill
Our shareholders voted to support the reappointment of KPMG…Bruce Hemphill
If you are going to expand globally… you’ve really got to understand the environment… it’s really tough…Bruce Hemphill
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