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Old Mutual names price for Quilter shares

Old Mutual Plc has revealed the prices in its global offer for shares in the former Old Mutual Wealth.

The price range has been set between 125 pence to 155 pence per ordinary share.

Now rebranded to Quilter, under Old Mutual’s managed separation strategy the business will be the first breakaway from the parent group to list on a stock exchange.

Quilter will list on the London and Johannesburg stock exchanges on 25 June, with Old Mutual to de-list on 26 June.

A total of 164,977,971 shares alongside an over-allotment option of up to 10 per cent of the total number of ordinary shares comprised in the global offer will represent 9.5 per cent of Quilter’s total shares.

The future of Old Mutual: Will a breakup be hard to bear?

Old Mutual has also received regulatory approval for the sale of Richard Buxton’s single-strategy business, formerly Old Mutual Global Investors. The stand-alone is currently being separated from Old Mutual’s multi-asset business.

Last week, Money Marketing also reported that Quilter non-executive chair Glyn Jones bought £646,713 worth of shares in parent Old Mutual Plc ahead of the Quilter sell-off.

Quilter is expected to publish a price range supplement with further information later today.

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