Prudential PLC Completion of the demerger of M&G plc (5192Q)
October 21 2019 - 3:11AM
UK Regulatory
TIDMPRU
RNS Number : 5192Q
Prudential PLC
21 October 2019
NEWS RELEASE
21 October 2019
Completion of the demerger of M&G plc
Prudential plc ("Prudential") has today completed the demerger
of M&G plc ("M&G"). The M&G shares have been admitted
to trading on the London Stock Exchange's main market for listed
securities.
Prudential announced its intention on 14 March 2018 to demerge
M&G, resulting in two separately listed companies. Shareholders
have retained their shares in Prudential and have also received
shares in M&G.
Paul Manduca, Chairman of Prudential, said: "This has been a
complex transaction and I would like to thank everyone for their
hard work. The Board believes the demerger will help Prudential and
M&G to become more closely aligned to the interests of their
customers and shareholders. Both businesses will retain their UK
domicile and be able to allocate capital even more effectively as
separate entities. We wish M&G every success in its new life as
an independent business."
Mike Wells, Group Chief Executive of Prudential, said:
"Prudential is now an Asia-led portfolio of businesses, focused on
structural growth markets. Our businesses in Asia and the US have
leadership positions in their chosen segments, and we now operate
in eight markets in Africa. I am confident that the best is yet to
come for Prudential's customers and shareholders."
Enquiries:
Media Investors/Analysts
+44 (0)20 3977 +44 (0)20 3977
Jonathan Oliver 9500 Patrick Bowes 9702
+44 (0)20 3977 +44 (0)20 3977
Tom Willetts 9760 William Elderkin 9215
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to
de-risk their lives and deal with their biggest financial concerns
through life and health insurance, and retirement and asset
management solutions. Prudential plc has 20 million customers and
is listed on stock exchanges in London, Hong Kong, Singapore and
New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc., a company whose principal place of
business is in the United States of America.
Disclaimer
This announcement does not constitute an offer of securities for
sale or a solicitation of an offer to purchase securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract therefor.
This announcement may contain 'forward-looking statements' with
respect to certain of Prudential's plans and its goals and
expectations relating to its future financial condition,
performance, results, operating environment, strategy and
objectives. Statements that are not historical facts, including
statements about Prudential's beliefs and expectations and
including, without limitation, statements containing the words
'may', 'will', 'should', 'continue', 'aims', 'estimates',
'projects', 'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates', and words of similar meaning, are forward-looking
statements. These statements are based on plans, estimates and
projections as at the time they are made, and therefore undue
reliance should not be placed on them. By their nature, all
forward-looking statements involve risk and uncertainty. A number
of important factors could cause Prudential's actual future
financial condition or performance or other indicated results to
differ materially from those indicated in any forward-looking
statement. Such factors include, but are not limited to, the future
trading value of the shares of Prudential plc following the
demerger of M&G plc; future market conditions, including
fluctuations in interest rates and exchange rates, the continuance
of a sustained low-interest rate environment, and the performance
of financial markets generally; the policies and actions of
regulatory authorities, including, for example, new government
initiatives; the actual or anticipated political, legal and
economic ramifications of the UK's withdrawal from the European
Union; the impact of continuing application of Global Systemically
Important Insurer or 'G-SII' policy measures on Prudential; the
impact of competition, economic uncertainty, inflation and
deflation; the effect on Prudential's business and results from, in
particular, mortality and morbidity trends, lapse rates and policy
renewal rates, the timing, impact and other uncertainties of future
acquisitions or combinations within relevant industries; the impact
of internal projects and other strategic actions failing to meet
their objectives; disruption to the availability, confidentiality
or integrity of Prudential's IT systems (or those of its
suppliers); the impact of changes in capital, solvency standards,
accounting standards or relevant regulatory frameworks, and tax and
other legislation and regulations in the jurisdictions in which
Prudential and its affiliates operate; and the impact of legal and
regulatory actions, investigations and disputes. These and other
important factors may, for example, result in changes to
assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause
Prudential's actual future financial condition or performance or
other indicated results to differ, possibly materially, from those
anticipated in Prudential's forward-looking statements can be found
under the 'Risk Factors' section in Prudential's most recent Full
Year Results Regulatory News Release and the 'Risk Factors' section
in its most recent Annual Report and the 'Risk Factors' section of
Prudential's most recent annual report on Form 20-F filed with the
U.S. Securities and Exchange Commission, as well as under the 'Risk
Factors' section of any subsequent Prudential Half Year Financial
Report. Prudential's most recent Annual Report, Form 20-F and any
subsequent Half Year Financial Report are available on its website
at www.prudentialplc.com.
Any forward-looking statements contained in this announcement
speak only as of the date on which they are made. Prudential
expressly disclaims any obligation to update any of the
forward-looking statements contained in this announcement or any
other forward-looking statements it may make, whether as a result
of future events, new information or otherwise except as required
pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK
Disclosure and Transparency Rules, the Hong Kong Listing Rules, the
SGX-ST listing rules or other applicable laws and regulations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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