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Old Mutual reveals Quilter offer price

Old Mutual reveals Quilter offer price

Old Mutual has revealed the offer price for Quilter shares ahead of its stockmarket float. 

According to a market announcement, the price has been set at between 125p and 155p per share, giving Quilter a market valuation of between £2.4 and £3 billion. Numis expects the price to land in the middle of this range at £2.7 billion. 

Quilter, headed by Paul Feeney (pictured), is scheduled to list on the London Stock Exchange and Johannesburg Stock Exchange on 25 June. 

In a separate announcement, Quilter announced it had appointed FTSE heavyweight Ruth Markland as a non-executive director. 

Markland served for more than 12 years on the Standard Chartered board and over 10 years on the board of Sage. 

She is scheduled to take up her post on the day of Quilter's float, when she will also become a member of the firm's corporate governance and nominations committee, the audit committee and the remuneration committee.

Markland is the seventh director to be appointed to the board since Glyn Jones became chairman in September 2016.

Jones told the market: 'I am delighted that Ruth has agreed to join the Board. Ruth's extensive skills and experience will be a valuable addition to the board and, as the senior Independent director, will provide a wise sounding board to me and my fellow directors.

'Her public company experience will be invaluable as we move into a listed environment.'

The Quilter float is part Old Mutual management separation, with a 9.6% stake put on the market. 

Old Mutual also said Quilter was 'progressing' with the seperation of the multi-asset business as a standalone business, for which it expects to incur an exceptional cost of £20 million. 

The announcement comes after Old Mutual Wealth Management changed its name to Quilter, ahead of its planned initial public offering.

The firm first announced plans to rebrand last November, following a restructure of its wealth business.

 

 

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