LONDON, United Kingdom, May 30, 2002 (PRIMEZONE) -- Further to today's announcement of the release of the St. Paul lock-up arrangements entered into by Old Mutual plc ("Old Mutual") with St. Paul Fire and Marine Insurance Company ("St. Paul"), a subsidiary of The St. Paul Companies Inc., and the associated placing ("the Placing"), of 190,356,631 ordinary shares held by St. Paul and a further 38,071,326 existing or new ordinary shares in Old Mutual, the Company is pleased to announce that the Placing has been successfully concluded at a price of 105p per ordinary share following completion of an accelerated bookbuilding process. Old Mutual has granted to Merrill Lynch International an over-allotment option of up to 38,071,326 new ordinary shares. This option may be exercised, in whole or in part, up to the close of business on the 30th day after closing of the Placing.
Merrill Lynch is acting as global co-ordinator and Joint Bookrunner to the Placing. UBS AG, through UBS Warburg, is acting as Joint Bookrunner of the Placing and Lehman Brothers International (Europe) is acting as Co-Manager to the Placing.
The ordinary shares the subject of the Placing, and any new ordinaryshares issued under the over-allottment option will rank pari passuwith Old Mutual's existing ordinary shares of 10p each, including theright to participate in all dividends and other distributionsdeclared, paid or made after the date of this announcement on or inrespect of such ordinary shares, save that Placees will not beentitled to receive the final dividend of 3.1p per ordinary share tobe paid on May 31, 2002 (the record date for which has alreadypassed).
This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Old Mutual ordinary shares. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.
Merrill Lynch is acting for St. Paul and Old Mutual in connection with the Placing and no one else, and will not be responsible to anyone other than St. Paul and Old Mutual for providing the protections afforded to clients of Merrill Lynch or for giving advice in relation to the Placing.
UBS Warburg is acting for St. Paul and Old Mutual in connection with the Placing and no one else, and will not be responsible to anyone other than St. Paul and Old Mutual for providing the protections afforded to clients of UBS Warburg or for giving advice in relation to the Placing.
This announcement does not constitute an offer to sell or issue, or constitute the solicitation of an offer, in any jurisdiction in which such offer is unlawful.
In connection with the Placing, Merrill Lynch may effect transactions with a view to supporting the market price of ordinary shares in Old Mutual at a level higher than that which might otherwise prevail, for a period of 30 days after the closing of the Placing. However there is no obligation on Merrill Lynch to do this. Such stabilising, if commenced, may be discontinued at any time, and must be brought to an end by no later than 30 days after the closing of the Placing.
FSA / Stabilisation