Saturday, 2 August 2014
Last updated 14 hours ago
Sep 24 2012 | 2:13pm ET
The Man Group will be replaced by a new Man Group in a share exchange and corporate restructuring that the hedge fund giant said will give it greater flexibility and shore up its dividend-paying ability.
Under the plan, Man will set up a new holding company, Man Strategic Holdings. Man shareholders would then get shares of "New Man" and "old Man" would be de-listed from the London Stock Exchange. Following the completion of the exchange, set for Nov. 6, Man Strategic Holdings would be renamed Man Group.
The restructuring will enhance Man's access to distributable reserves, which will offer the sought-after distributable reserves and the ability to continue its dividend policy.
The restructuring will have no effect on Man's board, management or corporate governance.
Shareholders will vote on the plan on Oct. 17. The proposal requires the approval of 75% of shareholders.