OLD MUTUAL LIMITED - Migration of Old Mutual's Listing on the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange

What this filing means

Old Mutual is migrating its Zimbabwe secondary listing from the suspended ZSE to the Victoria Falls Stock Exchange, a move the Board has resolved to pursue subject to VFEX regulatory approval. For Zimbabwean holders locked out of trading since August 2020, this is a genuine relief — but for the JSE-listed OMU share, it is an administrative venue change that does not alter the business, earnings, or capital structure. The opening price will be entirely market-determined without usual price limits on day one, and Old Mutual explicitly disclaims any correlation to prior ZSE or JSE pricing.

If you held Old Mutual shares through the Zimbabwe Stock Exchange, you have been unable to sell them since August 2020 — the Zimbabwe government suspended the stock and Old Mutual never resumed trading there. Old Mutual is now moving its listing to the Victoria Falls Stock Exchange, a smaller but growing USD-denominated platform, so those holders can finally trade again. This is good news for Zimbabwean shareholders specifically, but the JSE-listed OMU share — the one most investors know — is unaffected in any fundamental way. The catch is that the opening price on VFEX has no anchor to prior trading levels, liquidity is unproven for OMU specifically, and the migration still needs VFEX approval.