Return of Cash

RNS Number : 0352Y

Man Group plc

01 July 2008

 



RETURN OF CASH - SETTING OF DEFERRED STERLING EQUIVALENT AND REDEMPTION OF B SHARES 

Return of Cash - Update

Man Group plc (the 'Company') is pleased to provide an update in respect of the Return of Cash to Shareholders. 

The Return of Cash was approved by Shareholders on 23 November 2007. The Dividend Alternative and the Immediate Capital Alternative were effected, in accordance with the terms of the Return of Cash, in December 2007.

Setting of Deferred Sterling Equivalent

Today, the Deferred Sterling Equivalent of the US$1.40 return per Existing Ordinary Share was set in respect of B Shares issued under the Deferred Capital Alternative.

The exchange rate at which sterling has been purchased with US$ for spot value applicable to the Deferred Capital Alternative is £/US$1.99905. This exchange rate is the WM/Reuters mid spot £/US$ exchange rate at today's 11 a.m. (London time) fixing. Consequently, relevant Shareholders will receive 70.0333 pence in cash for each B Share that they hold as issued under the Deferred Capital Alternative.

The proceeds under the Deferred Capital Alternative are expected to be sent to Shareholders by 7 July 2008.

Redemption of B Shares under Deferred Capital Alternative

Today, the Company redeemed 47,689,017 B Shares (being those B Shares issued pursuant to the Deferred Capital Alternative) for US$1.40 per B Share. The Deferred Sterling Equivalent of the redemption proceeds, being 70.0333 pence per B Share and £33,398,176.03 in aggregate, is expected to be sent to Shareholders by 7 July 2008.

Following this redemption, there will be no further B Shares in issue.

Share certificates in respect of the B Shares are no longer valid and should be destroyed.

Defined terms in this announcement bear the meanings as set out in the circular to Shareholders dated 22 October 2007 unless stated otherwise.

Merrill Lynch International, which is authorised and regulated by the Financial Services Authority, is acting exclusively for Man Group plc and no one else in connection with the proposed Return of Cash and will not be responsible to anyone other than Man Group plc for providing the protections afforded to clients of Merrill Lynch International or for providing advice in relation to the Return of Cash.

Enquiries:

Man Group plc                                        020 7144 1000
Peter Clarke
David Browne

Merlin                                                    020 7653 6620
Paul Downes                                          07900 244 888
Paul Farrow                                            07747 607 768

About Man Group plc

Man is a world-leading alternative investment management business. With a broad range of funds for institutional and private investors globally, it is known for its performance, innovative product design and investor service. Man manages over US$78 billion and employs 1,600 people in 13 countries worldwide. 

The original business was founded in 1783. Today the parent company, Man Group plc, is listed on the London Stock Exchange. It is ranked in the top 40 companies of the FTSE 100 Index with a market capitalisation of about US$20 billion. 

Man supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes and the Man Group International Climate Change Award. Further information can be found at www.mangroupplc.com.

Note: References to times in this announcement are to London times. If any of the above times or dates should change, the revised times and/or dates will be notified to Shareholders by an announcement on a Regulatory Information Service. 

 

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