OMW, which will rebrand as Quilter on 25 June, revealed its share price range will fall between £1.25 ($1.60 €1.40) to £1.55 leading to a market capitalisation of between £2.4bn and £2.9bn.
The soon-to-be-independent company has also received regulatory approval for the disposal of the “single strategy” asset management business of Old Mutual Global Investors (OMGI). This business is being acquired through a management buyout by fund manager Richard Buxton. Costs from separating OMGI from the existing multi asset business will total around £20m, the company said.
Old Mutual plc shares are due to become a mixture of the newly-rebranded Quilter and Old Mutual Ltd securities when the companies demerge and are listed as separate entities.
OMW/Quilter said it will consider a distribution to shareholders following the OMGI transaction, taking into account the repayment of the £300m senior unsecured term loan and other costs associated with the separation.
Standard Chartered appointment
In a separate announcement, the company said it had appointed Ruth Markland as a non-executive director.
She has served over 12 years on the board of Standard Chartered, and over 10 years on the board of The Sage Group.
Markland is the seventh director to be appointed to the board since Jones became chairman in September 2016.
