Ballot Update29 October 2019

      UPDATE ON AMALGAMATION OF THE OLD MUTUAL GOLD FUND AND OLD MUTUAL MINING AND RESOURCES FUND

      Amalgamation of the Old Mutual Gold Fund and Old Mutual Mining & Resources Fund into the continuing fund, the Old Mutual Equity Fund will not proceed on 31 October 2019 as planned.

      Results of the two ballots

      Old Mutual Unit Trusts auditors confirmed that clients voted in favour of the proposed amalgamation of the Old Mutual Gold Fund into the Old Mutual Equity Fund, and the Old Mutual Mining and Resources Fund into the Old Mutual Equity Fund.

      The Old Mutual Gold Fund

      On 30 October 2019 Old Mutual Unit Trusts notified the Financial Sector Conduct Authority (“FSCA”) of our decision to withdraw our application toamalgamate the Old Mutual Gold Fund into the Old Mutual Equity Fund.

      Although this ballot was successful, a larger contingent of clients than usual for this specific type of ballot voted against the proposed amalgamation. We value our clients’ feedback and after careful consideration we’ve decided to withdraw the amalgamation application. The Old Mutual Gold Fund will therefore continue business as usual.

      Old Mutual Mining and Resources Fund

      On 30 October 2019 Old Mutual Unit Trusts approached the FSCA with a request to postpone the effective date of the amalgamation. This is because of the decision to withdraw the Old Mutual Gold Fund amalgamation application introduced complexities for some of our platform supporters, who had prepared to implement both amalgamations simultaneously. We have therefore decided to postpone the effective date of the amalgamation process.

      Old Mutual Unit Trusts will engage with the FSCA on the way forward and will communicate with clients, financial planners and Linked Investment Service Platforms again once the new amalgamation date and regulatory client notification requirements have been agreed with the FSCA.

      Enquiries

      If you have any enquiries regarding these amalgamations, please contact your financial planner, call our service centre at 0860 234 234 or send an email to unittrusts@oldmutual.com