Standard Life plc Update on disposal of Canadian business
January 23 2015 - 4:30AM
RNS Non-Regulatory
TIDMSL.
Standard Life plc
23 January 2015
Standard Life plc
23 January 2015
Update on disposal of Canadian business and proposed return of
value to shareholders
Further to the announcement on 3 September 2014 regarding the
proposed disposal of the group's Canadian companies, Standard Life
plc ("the Company") notes receipt of all necessary approvals from
the Canadian Minister of Finance and all necessary approvals and
non-objections from the relevant Canadian securities authorities.
The disposal remains on track to complete in early 2015.
Following completion of the transaction, it is proposed to
return around GBP1.75bn (equivalent to 73p per share) to
shareholders by way of a B/C share scheme and carry out a share
consolidation, as previously announced. The share consolidation is
intended to reduce the number of shares in issue by approximately
the same ratio as the return of value per share to the share
price.
The Autumn Statement published on 3 December 2014, proposed
changes to the tax treatment of special purpose share schemes
(commonly known as 'B or B/C share schemes') from 6 April 2015. The
Company currently expects that the return to shareholders and share
consolidation will take place prior to 6 April 2015, and ahead of
the final dividend record date. As a consequence the final dividend
would be paid on the resulting number of ordinary shares after the
consolidation.
These proposals are subject to shareholder approval. Further
information will be published at the same time as the Full Year
Results announcement on 20 February.
Enquiries:
Group Secretariat: Paul McKenna +44 (0) 131 245 1168*
Investor Relations: Jakub Roschowski +44 (0) 131 245 8028*
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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