Sale of residual Lehman exposure

RNS Number : 3020R

Man Group plc

16 November 2012

 



Press Release

16 November 2012

SALE OF RESIDUAL LEHMAN EXPOSURE

Man Group ("Man") has entered into a series of transactions with Hutchinson Investors LLC, managed by the Baupost Group, to sell the residual exposure to the Lehman estates ("Lehman claims") that it acquired in July 2011 from certain GLG managed funds.

The total consideration for the transactions is $456m, payable in cash by the buyer. Man may receive up to a further $5m if overall recoveries by the buyer exceed certain thresholds in the future. The Lehman claims were valued at $346m as at 30th June 2012. 

The transaction allows Man to benefit from the payment of the total consideration, while retaining certain obligations to the Funds. The proceeds will increase Man's regulatory capital surplus and further enhance its net cash position.

Enquiries

Fiona Smart

Head of Investor Relations

[phone]

[e-mail]

David Waller

Head of Communications

[phone]

[e-mail]

Maitland PR

George Trefgarne

[phone]

About Man

Man is a world-leading alternative investment management business. It has expertise in a wide range of liquid investment styles including managed futures, equity, credit and convertibles, emerging markets, global macro and multi-manager, combined with powerful product structuring, distribution and client service capabilities. As at 30 September 2012, Man managed $60.0 billion.

The original business was founded in 1783. Today, Man is listed on the London Stock Exchange and is a member of the FTSE 250 Index with a market capitalisation of around £1.4 billion.

Man is a signatory to the United Nations Principles for Responsible Investment (PRI) and a member of the Dow Jones Sustainability World Index and the FTSE4Good Index. Man also supports many awards, charities and initiatives around the world, including sponsoring the Man Booker literary prizes and the Man Asian Literary Prize. Further information can be found at www.man.com.

Forward looking statements and other important information

This document contains forward-looking statements with respect to the financial condition, results and business of Man Group plc. By their nature, forward looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Man Group plc's actual future results may differ materially from the results expressed or implied in these forward-looking statements.

The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement.  Nothing in this announcement should be construed as or is intended to be a solicitation for or an offer to provide investment advisory services.

 

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