L&G - International Capital restructuring

RNS Number : 2050V

Legal & General Group Plc

09 January 2012

 



Press Release

9 January 2012

LEGAL & GENERAL ANNOUNCES FURTHER INTERNATIONAL CAPITAL RESTRUCTURING.

Legal & General America Inc. ("LGA") has seen its rating raised by Standard & Poors to AA- from A+ reflecting its strong competitive position, conservative investment portfolio and strong liquidity position coupled with the stable outlook of the parent. Furthermore, another tranche of the US capital restructuring programme has now been completed, releasing an additional circa US$100m of capital in LGA. This is based on a similar structure to the previous tranche.

A first phase of European capital restructuring has also been completed with the Netherlands business paying a special dividend of €35m, in addition to its underlying yearly dividend of €15m which itself is up from €10m in 2010. It is anticipated that further phases of the international capital restructuring programme will be completed in 2012.

Tim Breedon, Group Chief Executive, said:

"We remain committed to optimising the Group's worldwide capital structure for the benefit of our shareholders. In 2010 we completed the first tranche of our US capital restructuring programme, and today we have announced the next tranche of that programme, and the first phase of our European capital restructuring programme.

"The international capital restructuring programme will continue in 2012, and I expect to see further capital value delivered to Group from our international operations." 

Enquiries:

Investors

Wadham Downing	Group Financial Controller	020 3124 2120
Andrew Jones	Head of Group Financial Reporting	020 3124 2054

Media:

John Godfrey	Group Communications Director	020 3124 2090
Richard King	Head of Media Relations	020 3124 2095

Notes:

Financial calendar 2011/12	Date
2011 Preliminary results and Q4 new business	14 March 2012
Ex-dividend date	18 April 2012
Record date	20 April 2012
Q1 Interim Management Statement	3 May 2012
Annual General Meeting	16 May 2012
Dividend Payment date	23 May 2012

Forward looking statements

This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.

 

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