Man Plans Restructuring, New Shares

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.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...