Old Mutual to spend R2billion in share buy-back plan | IOL Business Report

DURBAN – Old Mutual Limited , the financial services group, is planning to spend R2billion in 2019 in a share buy-back programme. Chief financial officer Casper Troskie said yesterday that at the moment the group was well capitalised, has declared a dividend of 72cents a share in the year to end December to take the total dividend to 117cents.

“The share repurchase programme will be effected in accordance with the general authority received by way of a shareholder resolution passed at the AGM, held on March 6 last year, allowing the company to repurchase up to 247.10million ordinary shares, equivalent to 5percent of the issued share capital of the company,” the group said.

The group reported its first full-year financial results following its successful primary listing on the JSE in June last year. “We delivered a return on the net asset value of 18.6 percent which exceeds our cost of equity +4 percent target, which sat at 17.4 percent for 2018. We continue to be a high cash generative business with R6.6bn of free cash generated in 2018 which has more than covered our dividends to our shareholders,” Moyo said.

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