Quick one on where the battle between Peter Moyo and Old Mutual emanates from.
Sango Ntsaluba, Thabiso Tlelai and Peter Moyo co-founded NMT Capital. Old Mutual Life Assurance owned 20% of NMT Capital.
Moyo was the CEO of Old Mutual and non-executive director of NMT Capital.
Sango Ntsaluba, Thabiso Tlelai and Peter Moyo co-founded NMT Capital. Old Mutual Life Assurance owned 20% of NMT Capital.
Moyo was the CEO of Old Mutual and non-executive director of NMT Capital.
Jul 2018, Peter Moyo is alleged to have participated in a meeting of the NMT Capital board at which it was decided to pay an ordinary dividend of R105m.
Co-founders shared R84m, while omitting to pay preference share dividends, valued at R65.4m at the time, due to Old Mutual.
Co-founders shared R84m, while omitting to pay preference share dividends, valued at R65.4m at the time, due to Old Mutual.
Why was the dividend declaration an issue?
Old Mutual stated that declared was in contravention of the preference share subscription agreement between NMT Capital and Old Mutual that prescribed that preference share debt is to be settled before ordinary dividends can be declared
Old Mutual stated that declared was in contravention of the preference share subscription agreement between NMT Capital and Old Mutual that prescribed that preference share debt is to be settled before ordinary dividends can be declared
NMT Capital voluntarily elected to fully redeem
the redeemable NMT Capital preference shares
(current and arrear preference
dividends) in Aug 2019 in the amount of
R47mn.
Old Mutual’s other exposures to NMT related preference shares remain payable to the amount of R233m.
the redeemable NMT Capital preference shares
(current and arrear preference
dividends) in Aug 2019 in the amount of
R47mn.
Old Mutual’s other exposures to NMT related preference shares remain payable to the amount of R233m.
Peter Moyo argues that he was dismissed unfairly and is now seeking both reinstatement to his position of CEO of Old Mutual Group and R250m in damages.
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