OLD MUTUAL SINKS SA SEAMEN

Noseweek Issue #27, 1st September 1999   


When Old Mutual decided to go offshore - in the financial sense - it seems they needed to bolster their results with a $100 million dividend achieved by selling off the prime assets of one of their underperforming holdings - Safmarine. Curiously, there's no mention of the one-off deal in a massive report issued by OM's friendly London brokers, Merrill Lynch, in which they heavily punt OM's shares to UK institutional investors.

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