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FTAL:OMU, Aug 24, 12:01 UTC

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Thursday, August 15


News

South Africa: Moyo vs Old Mutual - 5 Reasons Why the Corporate Warfare Continues

OMU

The Gauteng High Court in Johannesburg will on Friday hear round two of the legal battle between on-and-off again Old Mutual CEO Peter Moyo and the company. Moyo's legal team will meanwhile argue that it was an interim ruling and notice to appeal does not suspend the order, meaning that Moyo is entitled to return to work immediately. In his affidavit to the court submitted on Monday, Moyo describes that prior to the board meeting, he called the CFO, Casper Troskie, and informed him that it would be unlawful to hold a board meeting without extending an invitation for him to attend. Moyo will ask the High Court to declare the Old Mutual directors in contempt of court for failing to reinstate him immediately after the July 30 ruling.

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Wednesday, July 31


News

South Africa: Old Mutual to Appeal High Court Ruling Granting Former CEO Peter Moyo Interim Relief

OMU

Old Mutual says after considering the terms of the judgment and taking legal advice it will immediately apply for leave to appeal against the High Court decision to grant former CEO Peter Moyo temporary reinstatement following his dismissal as CEO in June. Mr Moyo has been informed that he is not required or permitted to resume his duties, pending the outcome of the appeal proceedings. Old Mutual maintains that the urgent application by Mr Moyo was ill-conceived, contained a number of false allegations, and should have been dismissed. While the company respects the Court and its processes, it now plans to appeal to a higher Court to argue that it acted lawfully when it terminated Mr Moyo’s employment. The company is optimistic that it will be successful on appeal and that another Court will come to a different conclusion. Until then, the business continues as usual under the stewardship of the highly experienced Iain Williamson as interim CEO, supported by a competent and focused leadership team.

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News

Old Mutual to appeal court ruling reinstating Peter Moyo – BusinessTech

OMU

The company will argue in a higher court that it followed sound governance principles and gave Moyo enough notice of his termination, Old Mutual said in an emailed statement. The Johannesburg High Court had ruled that Old Mutual acted unlawfully when terminating Moyo, while also blocking the business from continuing a process of finding a replacement. Mr Moyo has been informed that he is not required or permitted to resume his duties, pending the outcome of the appeal proceedings.” The appeal is poised to fuel a bitter feud between the 56-year-old and the board led by chairman Trevor Manuel amid allegations and counter-accusations of conflicts of interest. “It goes beyond Moyo and cuts to the credibility of Old Mutual as a company.” ‘Hard to Repair’Old Mutual announced Moyo’s suspension in May after a “breakdown in trust” because of his involvement in investment firm NMT Capital.

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Tuesday, July 30


Social Chatter

Old Mutual Ltd (JALSH:OMU) social chatter is higher than usual

OMU
the south gauteng high court has ordered old mutual to reinstate zimbabwean-born peter moyo, fired as ceo in june, and to put a halt to any moves to replace him. it also ordered the insurer to pay costs.

Thursday, July 18


News

Judge Brian Mashile puts forward options for Peter Moyo to be reinstated at Old Mutual - CNBC Africa

OMU

In the case between Peter Moyo and Old Mutual the court adjourned for both sides to discuss whether to return Moyo to the helm. Nelson Mandela Foundation CEO Sello Hatang on addressing SA’s housing crisis. How this organisation is championing the well-being of employees. Peter Moy-or less satisfied with defence in Old Mutual court case. Here’s what the Sarb rate cut means for the economy, financial... African Business and Financial News, Stock Quotes, and Market Data and Analysis.

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Friday, June 28


News

Peter Moyo challenges dismissal from Old Mutual

OMU

Old Mutual's sacked CEO Peter Moyo filed papers in the Johannesburg High Court on Friday demanding he be temporarily reinstated and that the process of appointing a new leader for the African insurer be put on hold, according to Bloomberg. The tension between Moyo and Old Mutual is over a disagreement on how the insurance group should engage with investment firm NMT Capital, which was co-founded by Moyo. Old Mutual Life Assurance Company, a subsidiary of Old Mutual, is an investor in NMT Capital. Old Mutual said NMT declared two sets of ordinary dividends totaling R115m for its 2018 financial year without paying preference capital or preference dividends due to Old Mutual. However, NMT said it paid the insurer R23m in ordinary dividends, but admitted delays in paying preference dividends and rolling over payment of preference capital.

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Monday, June 24


News

Old Mutual's app-to-email messaging: An Everlytic and Mirum case study

GOOGL OMU +1 more GOOGL OMU GOOG

Old Mutual’s Dreams app is used at selected events and is intended to determine the audience’s financial dreams and goals. With this information, Mirum wanted to trigger targeted email content to each app user, so Old Mutual could generate rich leads and educate consumers on its different products. Two days into the first event, about 2,000 new subscriptions were recorded in Everlytic. Because Everlytic removes duplicate contacts in the system, contacts were able to submit app responses multiple times without being bombarded with duplicate emails. Everlytic created one email template with two static sections (that send the same content to all subscribers) and seven dynamic ones (that send only relevant content to different segments of the target audience, depending on their answers in the questionnaire), saving it as an autoresponder in the platform.

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Tuesday, June 18


News

Old Mutual sacks boss over conflict of interest

OMU

Old Mutual, South Africa’s second-largest insurer, has fired its suspended chief executive Peter Moyo over a conflict of interest relating to an investment company he founded. A subsidiary of Old Mutual has owned a 20pc stake in NMT Capital, the private equity group co-founded by Mr Moyo, since 2004. The relationship between the two companies and a process to manage it was disclosed on Mr Moyo’s appointment as chief executive at Old Mutual. However, a 2018 report subsequently raised concerns relating to Mr Moyo’s conduct in relation to this conflicting interest, specifically regarding dividends paid to NMT Capital that benefitted Mr Moyo and his investment company. The London-listed insurer said it had not “been provided with an acceptable explanation” as to why the dividends were paid.

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News

LONDON BRIEFING: Old Mutual Fires Suspended CEO In...

OMU

(Alliance News) - Anglo-South African financial services firm Old Mutual has fired Peter Moyo as ... (Alliance News) - Anglo-South African financial services firm Old Mutual has fired Peter Moyo as chief executive, it announced Tuesday, following a conflict of interest.Moyo had been suspended in May following a "material breakdown of trust and confidence". Old Mutual also has a stake in NMT Capital, and Moyo is a founder and non-executive director.Old Mutual said: "These dividends were declared in breach of Old Mutual's rights as preference shareholder, since arrear preference dividends were unpaid at the time and, at the time of the second dividend declaration, the preference share capital was redeemable. "The preference share capital remains unpaid. "Old Mutual did not get an "acceptable" explanation as to why dividends were declared by NMT Capital while debt was owed to Old Mutual, leading to the "breakdown in trust and confidence" with Moyo.Since his suspension, Moyo has not acted appropriately, Old Mutual also charged, meaning his contract has now been terminated.Acting CEO Iain Williamson will continue in the role while a new CEO is sought.The stock was up 2.2% early Tuesday in London.Here is what you need to know at the London market open:----------MARKETS----------FTSE 100: up 0.1% at 7,363.23----------Hang Seng: up 1.2% at 27,555.82Nikkei 225: closed down 0.7% at 20,972.71DJIA: closed up 22.92 points, 0.1%, at 26,112.53S&P 500: closed up 0.1% at 2,889.67----------GBP: down at USD1.2535 (USD1.2559)EUR: flat at USD1.1231 (USD1.1233)Gold: up at USD1,345.40 per ounce (USD1,340.19)Oil (Brent): down at USD60.69 a barrel (USD61.66)(changes since previous London equities close)----------ECONOMICS AND GENERAL----------Tuesday's Key Economic Events still to come Two-day US Federal Open Market Committee Meeting starts.1100 CEST Germany ZEW indicator of economic sentiment1000 CEST Germany Ifo economic forecast summer report1100 CEST EU foreign trade1100 CEST EU harmonised consumer price index0830 EDT US new residential construction0855 EDT US Johnson Redbook retail sales index1630 EDT US API weekly statistical bulletin ----------The US will send about 1,000 additional troops to the Middle East, Acting Secretary of Defense Patrick Shanahan said Monday, linking the move to last week's attacks on two oil tankers in the Gulf of Oman that the US says Iran carried out. "Our business continues to perform well in supportive end-markets. Looking forward, we anticipate a similar level of capital expenditure in 2019-20, consistent with our strategic plan. So, with our business performing well and a strong balance sheet to support our plans, the Board continues to look to the medium term with confidence," said Chief Executive Brendan Horgan.----------AstraZeneca and Merck & Co said the European Commission has approved Lynparza as a first-line maintenance treatment for women with BRCA-mutated advanced ovarian cancer.----------COMPANIES - FTSE 250----------Multi utility services provider Telecom Plus said it delivered annual results for financial 2019 in line with expectations. For the year ended March 31, revenue rose 1.5% to GBP804.4 million from GBP792.9 million the year before, and pretax profit increased 4.9% to GBP43.0 million from GBP41.0 million.

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Sunday, June 02


News

Questions raised as Old Mutual completes UAP Holdings takeover - Business Daily

OMU

The acquisition of majority shareholding of UAP Holdings Ltd by Old Mutual is complete after four years of a complicated process. Old Mutual Ltd chief executive officer Peter Mwangi says the rest of the transactions relating to legal structure are progressing according to the integrated financial services strategic plan. From 2015 to 2018, Old Mutual acquired shares at UAP Holdings valued at Sh25.6 billion, making it the majority shareholder at 66.7 per cent. The acquisition meant winding up the business schemes previously run by UAP Holdings Ltd as the two companies continued to operate similar units in life insurance and asset management while working out the complex merger. But even as Mr Mwangi gave the assurance, there have been fears that the process faced headwinds, with reports that all UAP liabilities were never disclosed to Old Mutual.

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