Hedge fund manager Man Group is planning to create a new group holding company, Man Strategic Holdings, which it believes will reduce the group's capital base and improve its access to distributable reserves, thus enabling it to continue with its dividend policy.
In essence, shareholders will see their shares in "old Man" replaced on a one-for-one basis in the holding company, dubbed "New Man" in the announcement. Man Strategic Holdings will then be renamed Man Group.
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Shareholders are to vote on the new structure on October 17th, with 75% of the vote needed to pass the changes.
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