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.
Once the scheme becomes effective, the firm is proposing to reduce the share capital of New Man to create distributable reserves in the holding group, a move that is not expected to affect the market value of New Man ordinary shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shareholders are to vote on the new structure on October 17th, with 75% of the vote needed to pass the changes.
NR
-
-
Pension withdrawals on the rise, HMRC data reveals
Pension withdrawal data has led to some raising concerns over savers ‘raiding’ their pensions unsustainably.
-
ONS: UK economy recovered from pandemic faster than previously thought
Revisions from the ONS showed the UK economy has grown since the pandemic, while the latest data showed GDP grew in the second quarter of 2023.
