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Man Strategic Hldgs (60TL)


Friday 16 November, 2012

Man Strategic Hldgs

Sale of residual Lehman exposure by Man Group plc

RNS Number : 3028R
Man Strategic Holdings PLC
16 November 2012

Man Strategic Holdings plc

16 November 2012

Man Strategic Holdings plc ("the Company") announces that its parent company, Man Group plc, has just released the following announcement which may be regarded as relevant to the price of the Company's debt securities:

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.



This information is provided by RNS
The company news service from the London Stock Exchange

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