Return of value update

RNS Number : 9526H

Standard Life plc

19 March 2015

 



Standard Life plc

Return of Value Update

Standard Life plc ("the Company") announces that the allotment and issue of the B Shares and C Shares, relating to its Return of Value, will occur today.  The B Shares will be redeemed and the C Share Dividend will become payable tomorrow.

Results of elections and the issue of B Shares and C Shares

As at the Election Deadline of 4.30pm on 18 March 2015, Shareholders' elections (or deemed elections) for the Options in respect of the Return of Value were as follows:

	Number of Existing Ordinary Shares (%)
Income Option	1,726,815,109 (72.1%)
Capital Option	668,370,013 (27.9%)
TOTAL	2,395,185,122 (100%)

Shareholders who had not made a valid election for the Capital Option by the Election Deadline, and all Restricted Territory Shareholders, have been deemed to have elected for the Income Option

(C Shares) in respect of all of their B/C Share Entitlement, unless their Registered Address is in Germany, Austria or Canada.

Shareholders with their Registered Address in Germany, Austria or Canada, who did not make a valid election in time, will receive the Capital Option (B Shares) in respect of all of their B/C Share Entitlement.

Based on Shareholders' elections (or deemed elections) for the Options set out above,

668,370,013 B Shares of 73 pence each and 1,726,815,109 C Shares of 0.0000001 pence each will be allotted and issued today.

No application has been, or will be, madeto the UK Listing Authority or to the London Stock Exchange, respectively, for any of the B Shares or C Shares to be admittedto the Official List orto trading on the London Stock Exchange's main market for listed securities, nor will the B Shares or C Shares be listed or admitted to trading on any otherrecognised investment exchange.

No share certificates will be issued in respect of the B Shares or the C Shares. No CREST accounts will be credited with B Shares or with C Shares.

C Share Dividend (Income Option)

It has been resolved to declare the C Share Dividend of 73 pence per C Share on each C Share issued pursuant to the Income Option (being 1,726,815,109 C Shares) and, consequently, such C Share Dividend will become payable on 20^th March 2015. It is expected that Shareholders entitled to receive the C Share Dividend will receive payment on or around 1 April 2015.

In accordance with the Company's articles of association and as set out in the circular published by the Company on 20 February 2015 in relation to the Return of Value (the "Circular"), the relevant C Shares on which the C Share Dividend has become payable are automatically reclassified as Deferred Shares (having negligible value and carrying extremely limited rights) and the Company will appoint a person to execute on behalf of all holders of such Deferred Shares a transfer of all such shares to the Company for the aggregate consideration of one penny. In view of the negligible amount of the aggregate consideration for the Deferred Shares, Shareholders will not be entitled to have any part of the aggregate consideration paid to them.

 

Redemption of B Shares (Capital Option)

It has been resolved that all B Shares issued pursuant to the Capital Option

(being 668,370,013 B Shares) be redeemed on 20^th March 2015 for 73 pence per B Share.

It is expected that Shareholders entitled to receive payments in respect of the proceeds of the redemption of the B Shares issued pursuant to the Capital Option will receive payment on or around 1 April 2015.

All B Shares issued pursuant to the Capital Option will be redeemed and cancelled.

Terms used in this announcement but which are not otherwise defined shall have the same meanings as set out in the Circular.

19 March 2015

Enquiries:

Media Enquiries

Steve Hartley

Corporate Comms Senior Manager         

[phone]*

[phone]

Email: [e-mail]

Investor Enquiries

Jakub Rosochowski

Investor Relations Manager

[phone]*

[phone]

Email: [e-mail] 

Group Secretariat

Paul McKenna

[phone]*

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

 

END

 

 

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