As part of our drive for efficiency in how we run our business and consistent with our desire to act in the best interests of all our shareholders, we decided to undertake an Odd-lot Offer. Shareholders approved the Odd-lot Offer at the 2019 Annual General Meeting.
Quilter had approximately 460,000 shareholders, of whom around 220,000 each held fewer than 100 Ordinary Shares. These, principally South African shareholders, were originally granted their shares in Old Mutual plc from their interest as policy holders when that business demutualised in 1999. They did not actively choose to invest in a UK domiciled company and became Quilter shareholders as a result of our Managed Separation from Old Mutual plc in 2018.
The Odd-lot Offer reduced the complexity and cost of managing our shareholder base and allowed shareholders holding small numbers of Ordinary Shares to dispose of their shareholding in a cost effective manner.