Further re IPO
Standard Life plc
24 July 2006
Not for release, publication or distribution, directly or indirectly, in or into
the United States, Australia or Japan.
STANDARD LIFE PLC (the 'Company')
The Company is pleased to announce that, as contemplated in connection with the
demutualisation and flotation transaction (the 'Transaction'), the following
reductions of capital were confirmed by the Court of Session on 21 July 2006:-
1. for the Company, a reduction of £500 million in its share premium account;
and
2. for Standard Life Assurance Limited ('SLAL'), the Company's principal
operating subsidiary, the cancellation of its entire share premium account.
The court orders making these reductions were each registered with the Registrar
of Companies on 21 July 2006 and are effective from that date.
As explained in the public documentation relating to the Transaction, the
Company initially had no distributable reserves but, as a result of the
reduction of its share premium account, the distributable reserves of the
Company will now be increased by £500 million. As also explained in that
documentation, the cancellation of the share premium account of SLAL removes a
possible restriction upon declaring and paying dividends to the Company out of
future surplus cashflows derived from the long term insurance business of SLAL.
These reductions in capital will therefore put in place the appropriate
structural arrangements, contemplated as part of the Transaction, to support the
Company's ability to pay dividends to its shareholders and to service debt.
24 July 2006
Enquiries:
Peter Tyson, Group Legal 0131 246 5717
Julie Reith, Group Secretariat 0131 245 6772
Scott White, Press Office 0131 245 5422
Barry Cameron, Press Office 0131 245 6165
This announcement does not constitute an offer of, or the solicitation of an
offer to buy or subscribe for, ordinary shares in the Company ( 'Ordinary Shares
') to any person in any jurisdiction to whom or in which jurisdiction such offer
or solicitation is unlawful and, in particular, is not for release, publication
or distribution in Australia or Japan.
The offer sale and/or issue of the Ordinary Shares has not been and will not be
registered under US Securities Act of 1933, as amended (the 'Securities Act') or
qualified for sale under the laws of any State of the United States or qualified
for distribution by prospectus in Canada or under any applicable securities laws
of Australia or Japan. Subject to certain exceptions, the Ordinary Shares may
not be offered, sold or delivered within Australia or Japan or the United States
or to or for the benefit of, any national, resident or citizen of Australia or
Japan. The Ordinary shares are being offered and sold within the United States
only to 'qualified institutional buyers' ('QIBs') (as defined in Rule 144A under
the US Securities Act ('Rule 144A')) and in reliance on Rule 144A or another
exception from, or in a transaction not subject to the registration requirements
of the US Securities Act and outside the United States in reliance on Regulation
S under the US Securities Act ('Regulation S'). The Ordinary Shares are being
distributed in Canada under exemptions from the prospectus filing requirements
of securities legislation in Canada.
END
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 3 hours ago Oxford Nanopore Technologies
- 4 hours ago AVI Global Trust
- 4 hours ago LSL Property Services
- 4 hours ago Bluebird Merchant Ventures (DI)
- 4 hours ago Power Probe PLC