23rd Oct 2019 10:15
(Alliance News) - JPMorgan Securities PLC said Wednesday it has sold 57.0 million shares in M&G PLC for Prudential PLC American depository shareholders.
Prudential announced plans to demerge M&G, its UK & Europe business, back in March 2018, resulting in two separately listed companies. Prudential itself will now operate in Asia, Africa and the US.
As part of the demerger, every Prudential shareholder, including ADR holders, was offered one share in M&G for every one share they held in Prudential. This became effective from Monday.
JPMorgan Securities, which trades as JPMorgan Cazenove in the UK, sold, on behalf of the ADR holders, 57.0 million ordinary shares in M&G at 205.00 pence, raising GBP117 million.
Shares in M&G were up 6.1% in London on Wednesday at 215.05 pence each. The newly-listed financial adviser began life trading at 220.00p on Monday.
JPMorgan Securities acted as sole bookrunner.
By Paul McGowan; [email protected]
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