Old Mutual announces R3 bn share repurchase program

Old Mutual Limited has announced a share repurchase program, authorized at its annual general meeting on May 30, 2025. This program will involve the repurchase of approximately 220 million ordinary shares, equivalent to a total consideration of R3 billion. The initiative, commencing on October 3, 2025, aims to reduce the company's issued ordinary share capital.

The repurchases will occur on the JSE, adhering to JSE listing requirements, with regulatory approval secured from the Prudential Authority. Old Mutual's board and management believe the company's shares are trading at a discount to intrinsic value, expecting the program to deliver long-term incremental value to shareholders.

Upon repurchase, the ordinary shares will be cancelled and revert to authorized but unissued ordinary share capital. This move underscores Old Mutual's commitment to enhancing shareholder value and optimizing its capital structure.