24th Jul 2006 12:28
Standard Life plc24 July 2006 Not for release, publication or distribution, directly or indirectly, in or into the United States, Australia or Japan. STANDARD LIFE PLC (the "Company") The Company is pleased to announce that, as contemplated in connection with thedemutualisation and flotation transaction (the "Transaction"), the followingreductions of capital were confirmed by the Court of Session on 21 July 2006:- 1. for the Company, a reduction of £500 million in its share premium account; and 2. for Standard Life Assurance Limited ("SLAL"), the Company's principal operating subsidiary, the cancellation of its entire share premium account. The court orders making these reductions were each registered with the Registrarof Companies on 21 July 2006 and are effective from that date. As explained in the public documentation relating to the Transaction, theCompany initially had no distributable reserves but, as a result of thereduction of its share premium account, the distributable reserves of theCompany will now be increased by £500 million. As also explained in thatdocumentation, the cancellation of the share premium account of SLAL removes apossible restriction upon declaring and paying dividends to the Company out offuture surplus cashflows derived from the long term insurance business of SLAL. These reductions in capital will therefore put in place the appropriatestructural arrangements, contemplated as part of the Transaction, to support theCompany's ability to pay dividends to its shareholders and to service debt. 24 July 2006 Enquiries: Peter Tyson, Group Legal 0131 246 5717 Julie Reith, Group Secretariat 0131 245 6772 Scott White, Press Office 0131 245 5422 Barry Cameron, Press Office 0131 245 6165 This announcement does not constitute an offer of, or the solicitation of anoffer to buy or subscribe for, ordinary shares in the Company ( "Ordinary Shares") to any person in any jurisdiction to whom or in which jurisdiction such offeror solicitation is unlawful and, in particular, is not for release, publicationor distribution in Australia or Japan. The offer sale and/or issue of the Ordinary Shares has not been and will not beregistered under US Securities Act of 1933, as amended (the "Securities Act") orqualified for sale under the laws of any State of the United States or qualifiedfor distribution by prospectus in Canada or under any applicable securities lawsof Australia or Japan. Subject to certain exceptions, the Ordinary Shares maynot be offered, sold or delivered within Australia or Japan or the United Statesor to or for the benefit of, any national, resident or citizen of Australia orJapan. The Ordinary shares are being offered and sold within the United Statesonly to "qualified institutional buyers" ("QIBs") (as defined in Rule 144A underthe US Securities Act ("Rule 144A")) and in reliance on Rule 144A or anotherexception from, or in a transaction not subject to the registration requirementsof the US Securities Act and outside the United States in reliance on RegulationS under the US Securities Act ("Regulation S"). The Ordinary Shares are beingdistributed in Canada under exemptions from the prospectus filing requirementsof securities legislation in Canada. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SLA.L