HEDGE fund Man Group yesterday set the ball rolling on a corporate restructure announced in July by confirming details for a new holding company – referred to as “New Man”.
The business, one of the biggest fund managers in the UK, published further details to investors yesterday on plans to use “New Man”, or Man Strategic Holdings, as the company is officially incorporated, to replace the current holding company.
Man will exchange existing ordinary shares for shares in the new company on a one-for-one basis, and will trade in exactly the same way as the existing Man shares on the London Stock Exchange. The shares are expected to list on 6 November, pending shareholder approval on 17 October.
The move is a routine housekeeping exercise for the business to help give it more financial flexibility and room to maintain its current dividend policy.
The UK Listing Authority yesterday approved Man’s prospectus to admit up to 1,830,000,000 New Man ordinary shares to the premium listing of the LSE.