Old Mutual Announces Employee Share Purchases
Why we think this is neutral
The RNS announcement details purchases of Old Mutual shares by employee share trusts, which is a routine corporate action and does not indicate any significant change in the company's performance or outlook.
Key Points
- Old Mutual's employee share trusts purchased 15.8 million of the company's shares
- Purchases were made to hedge obligations under employee incentive schemes
- Transactions were carried out on the open market
Summary
The financial services group has disclosed purchases of its own shares by employee share trusts as part of incentive schemes.
Old Mutual Limited has announced that its Broad-Based Black Economic Empowerment Employee Trust and Employee Trust have purchased a total of 15.8 million of the company's ordinary shares on the open market. These purchases were made to hedge the company's obligations under its Employee Share Ownership Plan and Long-term Incentive Plan awards.
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