2nd Feb 2015 07:16
LONDON (Alliance News) - Standard Life PLC Monday confirmed it intends to return about GBP1.75 billion, or 73 pence a share, to its shareholders after it completed its sale of its Canadian units to a subsidiary of Manulife Financial Corp for CAD4.0 billion, or about GBP2.2 billion in cash.
The shareholder return will be done by way of a B/C share scheme accompanied by a share consolidation, a move expected to take place before April 6. Its final dividend will be paid on the resulting number of ordinary shares after the consolidation.
Standard Life has sold Canadian businesses Standard Life Financial Inc and Standard Life Investments Inc. The deal includes a collaboration agreement where Manulife will seek to distribute Standard Life Investments' funds in Canada, the US and Asia, deepening Standard Life Investments' distribution reach. The two companies will also look for other opportunities to collaborate on investment capabilities and distribution platforms.
Standard Life said it will give more details on its dividend and share consolidation when it reports its full-year results on February 20.
By Steve McGrath; [email protected]; @stevemcgrath1
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