Published: 22 May 2018

OLD Mutual Limited has established dividend access trusts in Malawi, Namibia and Zimbabwe following the restructuring of the Old Mutual plc group of companies.

The managed separation process will see the group break up into its four main businesses, with Old Mutual South Africa-based emerging markets business and its London-based wealth-management busi­ness listed separately. The group also plans to sell down its stake in its US asset-management business and unbundle its controlling stake in Nedbank.

"In connection with the restructuring of the Old Mutual plc group of companies, which was announced in March 2016 and is referred to as the Managed Separation, Old Mutual Limited has established dividend access trusts in the republics of Malawi, Namibia and Zimbabwe," said Old mutual in a notice.

In line with this establishment, Old Mutual Zimbabwe announced that it will hold an extraordinary general meeting with shareholders to work on proposals that will provide the way forward on the new dividend access trust in the country.

"It is proposed that the company will, inter alia, increase its authorised share capital by way of the creation of one "A" redeemable preference par value share of US$1.00 and will issue such share to the dividend access trust established by Old Mutual Limited in the Republic of Zimbabwe (New Dividend Access Trust)," it said.

The meeting will look into other special resolutions to be worked on which include the amendment of memorandum of association and amendment of articles as well.

Meanwhile, Old Mutual plc has paid back about £930 million debt and is left with less than £400m of listed debt, which runs off only by 2025.
- chronicle

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