Old Mutual GroupMay 16 2017

Old Mutual Asset Management prices share offering

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Old Mutual Asset Management prices share offering

The US-based asset management arm of Old Mutual has revealed the pricing of millions of ordinary shares in its latest public offering.

In a market update published today (16 May), Old Mutual Asset Management revealed it would place 17.3 million shares at a public offering price of $14.55 (£11.25) per share.

Underwriters also have an option to buy an extra 2.6 million ordinary shares at the public offering price within 30 days, less the underwriting discount.

OMAM launched a public offering of 13m shares back in December.

According to the update, OMAM will not receive any proceeds from the sale of the shares.

The firm expects to repurchase 5m ordinary shares directly from the UK-based arm of Old Mutual, which has also been priced at $14.55 (£11.25) per share.

The public offering is expected to close on 19 May.