9th Nov 2007 08:05
Prudential PLC09 November 2007 Friday 9 November 2007 Prudential plc announces the sale of PPM Capital Prudential plc announces the sale by its fund management arm, M&G, of its directprivate equity business, PPM Capital, to PPM Capital's existing management team. The transaction involves the sale by PPM Capital (Holdings) Limited ("Holdings")of the entire issued share capital of PPM Capital Limited ("PPMC") to One NFL,LLP and the sale of the shares in various subsidiaries of Holdings to PPMCapital Partners, LLP. The gross assets subject to the transaction are £14million. M&G has become a member of One NFL, LLP and has contributed £1.35million, on normal commercial terms, towards its regulatory capital. Under theterms of the transaction, PPM Capital will continue to manage its existinginvestments on the current terms. Philip Johnson, Finance Director of M&G, said: "Both M&G and PPM Capital agreethat the future growth and development of PPM Capital is best served by itbecoming an independent company. PPM Capital will remain manager of M&G'sprivate equity investments on the same terms as before. M&G remains committed toindirect private equity investment through its PPM Managers Fund of Fundsactivities." ENDS Enquiries: Media Investors/AnalystsSimon Anderson, M&G +44 20 7548 3653 James Matthews +44 20 7548 3561Jon Bunn +44 20 7548 3559William Baldwin-Charles +44 20 7548 3719 Notes to Editors: About Prudential Prudential plc is a company incorporated and with its principal place ofbusiness in England, and its affiliated companies constitute one of the world'sleading financial services groups. It provides insurance and financial servicesdirectly and through its subsidiaries and affiliates throughout the world. Ithas been in existence for over 150 years and has £256 billion in assets undermanagement as at 30 June 2007. Prudential plc is not affiliated in any mannerwith Prudential Financial, Inc, a company whose principal place of business isin the United States of America. Forward-Looking Statements This statement may contain certain "forward-looking statements" with respect tocertain of Prudential's plans and its current goals and expectations relating toits future financial condition, performance, results, strategy and objectives.Statements containing the words "believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward-looking. Bytheir nature, all forward-looking statements involve risk and uncertaintybecause they relate to future events and circumstances which are beyondPrudential's control including among other things, UK domestic and globaleconomic and business conditions, market related risks such as fluctuations ininterest rates and exchange rates, and the performance of financial marketsgenerally; the policies and actions of regulatory authorities, the impact ofcompetition, inflation, and deflation; experience in particular with regard tomortality and morbidity trends, lapse rates and policy renewal rates; thetiming, impact and other uncertainties of future acquisitions or combinationswithin relevant industries; and the impact of changes in capital, solvency oraccounting standards, and tax and other legislation and regulations in thejurisdictions in which Prudential and its affiliates operate. This may forexample result in changes to assumptions used for determining results ofoperations or re-estimations of reserves for future policy benefits. As aresult, Prudential's actual future financial condition, performance and resultsmay differ materially from the plans, goals, and expectations set forth inPrudential's forward-looking statements. Prudential undertakes no obligation toupdate the forward-looking statements contained in this statement or any otherforward-looking statements it may make. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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