Happy days aren’t here again for Old Mutual and Moyo
Shareholders can only put so much pressure on Old Mutual to end this five-month long public drama
Many Old Mutual shareholders have come out asking the insurer and its axed CEO Peter Moyo to find an amicable solution that will put an end to the five-month bruising public battle between the two.
Except for Allan Gray, which has said the Old Mutual board should not feel backed into a corner by the share price (https://www.sharenet.co.za/v3/quickshare.php?scode=OMU) movement, and some who have adopted a “wait and see” approach, it does not look like the other shareholders will be getting what they want anytime soon. Unless of course Old Mutual wins its appeal against judge Brian Mashile’s order to reinstate Moyo. But even then Moyo could appeal against that, as the matter is still at the high court.
The latest move by the insurer, which said it would file an application asking Mashile to recuse himself, means that the contempt of court case – which was supposed to be heard in November – may be delayed. First, the court must hear the recusal application, the date of which is not yet known. Even if Mashile does not recuse himself, Old Mutual has said that it wants to file its reply to Moyo’s latest response because Moyo’s legal team has introduced new evidence...