Old Mutual PLC shareholders have approved the company's three-step plan to finalize its planned managed breakup.
Completion of the managed separation remains subject to the satisfaction of certain conditions, including a court sanctioning the first and second schemes at hearings that are scheduled for June 20 and June 25, respectively.
Subject to the fulfillment of such conditions, the first scheme is expected to become effective June 22, and the second scheme is expected to become effective June 25.
If the first scheme becomes effective, it is expected that the Old Mutual PLC shares will be suspended from the U.K. Official List and from trading on the London Stock Exchange's main market for listed securities with effect from 7:30 a.m. British Summer Time on June 25. Quilter PLC shares will be admitted to listing and trading on the London Stock Exchange with effect from 8 a.m. British Summer Time the same day.
If the second scheme becomes effective, it is expected that the Old Mutual Ltd. shares will be admitted to listing and trading on the London Stock Exchange with effect from 8 a.m. British Summer Time on June 26. Old Mutual PLC shares will then be delisted from the U.K. Official List and from trading on the London Stock Exchange's main market for listed securities with effect from 8 a.m. British Summer Time, on the same day.
