Update on disposal of Canadian business

RNS Number : 9811C

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 £1.75bn (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.

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