Quilter launches odd-lot offer for its minority shareholders

DURBAN – Quilter plc said yesterday that it had launched an odd-lot offer for shareholders holding less than 100 ordinary shares in the wealth management business to sell their shares at a 5percent premium to the market price.

The group was granted authority by its shareholders in last year’s annual general meeting that was held in May to make the odd-lot offer within the 18-month period.

Chief executive Paul Feeney said the history of the company, which includes the original demutualisation and listing of Old Mutual plc in 1999 and the managed separation in 2018 had resulted in it having an unusually large number of small shareholders for a company of its size.

“Shareholders that are holding less than 100 of Quilter’s shares have not performed any trades since they acquired the shares,” Feeney said.

“These shareholders hold about 50percent of Quilter’s issued shares but less than 1percent of the company’s share capital,” he said.