Disposal of Canadian Companies

RNS Number : 6727D

Standard Life plc

02 February 2015

 



Standard Life plc

2 February 2015

Disposal of Canadian companies

Standard Life plc (the "Company") confirms the completion on 30 January 2015 of the sale of its Canadian companies, Standard Life Financial Inc. and Standard Life Investments Inc., to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation ("Manulife"), for a total cash consideration of C$4.0bn (equivalent to £2.2bn). 

The transaction includes a Global Collaboration Agreement where Manulife will seek to distribute Standard Life Investments' funds in Canada, the US and Asia, deepening Standard Life Investments' distribution reach. Standard Life Investments and Manulife will also explore other potential opportunities for collaboration between their respective investment capabilities and distribution platforms.

As previously announced, the Company intends to propose a return of value of around £1.75bn (equivalent to 73p per share) to shareholders by way of a B/C share scheme, which will be accompanied by a share consolidation. 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. These proposals are subject to shareholder approval. The return to shareholders and share consolidation are expected to 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. 

Further information will be published at the same time as the Full Year Results announcement on 20 February 2015.

Enquiries:

Group Secretariat: Paul McKenna	[phone]*
Investor Relations: Jakub Rosochowski	[phone]*

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

 

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