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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rsa Insurance Group Ld | LSE:RSA | London | Ordinary Share | GB00BKKMKR23 | ORD GBP1.00 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 684.20 | 684.20 | 684.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4304U Old Mutual PLC 20 January 2004 Old Mutual plc Offer by Old Mutual (South Africa) Limited or its nominee ("OMSA") for shares held in Mutual & Federal Insurance Company Limited ("Mutual & Federal") not already owned by OMSA and its subsidiaries for the benefit of shareholders of OMSA and its subsidiaries. Old Mutual plc ("Old Mutual") today announces that its wholly owned subsidiary OMSA, has announced a firm intention to make an offer to acquire all of the Mutual & Federal shares not already owned by OMSA and its subsidiaries for the benefit of the shareholders of OMSA and its subsidiaries. The purchase price will be R17.50 per share, inclusive of any final dividend per share declared by Mutual & Federal in respect of the financial year ended 31 December 2003. RSA Overseas Holdings (Luxembourg) (No1) s.a.r.l ("RSA"), a subsidiary of Royal & Sun Alliance Insurance Group plc ("Royal & Sun Alliance"), has irrevocably agreed to dispose of its shares in terms of the transaction and has waived the excess consideration above R15.25 per share, inclusive of the final dividend per share declared by Mutual & Federal. The transaction will occur by way of a scheme of arrangement between Mutual & Federal and its shareholders, which will be proposed by OMSA. The scheme will be subject to the approval of the shareholders of Mutual & Federal, the sanction of the High Court of South Africa and those regulatory approvals that are necessary. If the scheme is successful, the total consideration payable by OMSA is approximately R1,930 million. If the scheme is not successful then OMSA will make an offer to all shareholders to acquire their shares at the same price as proposed in the scheme. The follow-on offer will only be subject to regulatory approval, to the extent required. RSA has also irrevocably undertaken to accept this follow-on offer, should it be made, and has also waived the excess consideration above R15.25 per share, inclusive of the final dividend per share declared by Mutual & Federal. Old Mutual and RSA have entered into an agreement whereby RSA will pay to a bank, nominated by Old Mutual and acting as principal, a rand amount equal to the full consideration RSA receives under the scheme (or follow-on offer should it be made), together with any final dividend that RSA may receive from Mutual & Federal in respect of the 2003 financial year (collectively amounting to R1,387 million). Such bank will pay to RSA #100 million. Old Mutual will pay to the bank in UK pounds, such consideration as may be agreed between Old Mutual and the said bank, and receive R1,387 million. Julian Roberts, Group Finance Director of Old Mutual said: "We have enjoyed a long and successful partnership with Royal & Sun Alliance in Mutual & Federal. RSA's decision to divest its shareholding in Mutual & Federal provides an excellent opportunity for us to bring Mutual & Federal under the full control of Old Mutual. Under these circumstances, we believe this is best for the Mutual & Federal business, its customers and its staff and is evidence of our continuing commitment to our businesses in South Africa". Mutual & Federal is one of the leading insurance companies in southern Africa, providing personalised short term insurance services to the personal, commercial and corporate markets in South Africa, Namibia, Botswana, Malawi and Zimbabwe. The full text of the Mutual & Federal announcement is available on the JSE Securities Exchange News Service (SENS) and on the Old Mutual website, www.oldmutual.com. A paper copy is available from Investor Relations, Old Mutual plc, 5th Floor, 2 Lambeth Hill, London EC4V 4GG. - ends - 20th January 2004 Enquiries: Old Mutual plc James Poole (UK) Tel +44 (0) 20 7002 7000 Nad Pillay (SA) Tel: +27 (0) 504 8026 Tel: +27 (0) 553 7980 College Hill (UK) Tony Friend Tel: +44 (0) 20 7457 2020 Mr Julian Roberts, Group Finance Director, Old Mutual plc and Mr Bruce Campbell, Managing Director, Mutual & Federal Insurance Company Limited will host a joint conference call for analysts and investors at 13.00 p.m. London time (15.00 p.m. South African time) today. This call will include a brief introduction, followed by an opportunity for questions. Dial in details are as follows: Title: Old Mutual Conference Call Chairperson Julian Roberts Dial-in details UK Freephone: 0800 953 1444 South Africa: 0800 994 090 International +44 (0) 1452 542300 Replay available for 7 days. Dial up details UK Freephone 0800 953 1533 International +44 (0) 1452 550 000 PIN 929212# This information is provided by RNS The company news service from the London Stock Exchange END ACQBMMTTMMMTBAI
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