Old Mutual plc ('Old Mutual') today announces that the sale of the second tranche of OM Asset Management ('OMAM') shares to HNA Capital US has completed.
The second tranche comprised of 14.5% of OMAM shares held by Old Mutual at a price of $15.75 per share resulting in gross proceeds of approximately $251.4 million. The sale of the first tranche, comprising of 9.95% of OMAM shares at $15.30, completed on 12 May 2017. Old Mutual's remaining holding in OMAM is now 5.5%, and as required by IFRS, the remaining interest in OMAM will be accounted for as a trade investment.
As a consequence of the reduction in shareholding today, and in accordance with the articles of association and the shareholders agreement at the time of the IPO, Ingrid Johnson, Old Mutual's Group Finance Director, will step down from the Board of OMAM with immediate effect.