Old Mutual employee trusts purchase 4.3 million shares

Johannesburg - Old Mutual Limited (JSE:OMU) announced that two employee share trusts had purchased a combined 4,324,867 ordinary shares over a three-day period, as reported in a press release. The Old Mutual Limited Broad-Based Black Economic Empowerment Employee Trust bought 3,154,914 shares between Sunday and Tuesday, while the Old Mutual Limited Employee Trust acquired 2,169,953 shares during the same timeframe.

Both transactions occurred at volume-weighted average prices between R13.5805 and R14.0056 per share, amounting to R43.4 million and R29.9 million respectively. The purchases were made as on-market trades to hedge the company's Employee Share Ownership Plan and Long-term Incentive Plan awards. The shares, held indirectly by the trusts, traded within specific ranges during the purchase period.

On Sunday, shares fluctuated between R13.4400 and R13.6300, while by Tuesday, the range expanded to R13.8900 and R14.0700. Old Mutual, a financial services group operating in 12 African countries and China, emphasized that clearance for the transactions was obtained in compliance with JSE Limited Listings Requirements.