Old Mutual PLC set the price range of its offer of up to 9.6% of Quilter PLC's ordinary shares at between 125 pence to 155 pence apiece.
The expected offering of up to 164,977,971 of Quilter's ordinary shares, together with an overallotment option of up to 10%, will represent 9.5% of the company's shares at the time of admission.
Old Mutual noted that the final offer price and the number of Quilter's shares to be sold is expected to be determined following the publication of a price range supplement and is expected to be announced on or about June 25.
Meanwhile, Quilter said it has received all regulatory approvals for the sale of its single strategy asset management business and that completion of the transaction could take place shortly after admission of Quilter's shares to the premium listing segment of the official list of the U.K. Financial Conduct Authority and to trading on the London Stock Exchange and Johannesburg Stock Exchange.
Quilter, formerly Old Mutual Wealth, is also progressing with separating the multiasset business from the single strategy asset management business following the completion of the latter deal and continues to expect to incur about £20 million in costs related to the establishment of the stand-alone multiasset business.
