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Old Mutual notes OMAM launches secondary offering

16 May 2017 07:52

OM Asset Management has announced the pricing of a public offering of 17.3m of its shares at a public offering price of $14.55 each.

The public offering is expected to close on 19 May 2017. The shares were being offered by Old Mutual, via subsidiary OM Group (UK) Ltd.

The underwriters also had a 30-day option to purchase up to an additional 2.595 million ordinary shares at the public offering price, less the underwriting discount.

OMAM would not sell any shares in the offering and would not receive any proceeds from the sale of the shares.

In addition, the previously announced private repurchase transaction, in which OMAM expected to repurchase 5m ordinary shares directly from OM Group (UK) Ltd was also priced at $14.55 per share.

The closing of the repurchase transaction was subject to various conditions, including the closing of the public offering.

The proceeds to Old Mutual from the proposed offering and Repurchase Agreement were expected to be used for general corporate purposes.

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