26.09.2012 - Man Group plc announces corporate restructuring plan
On Monday, hedge fund manager Man Group plc announced in a prospectus details for its corporate restructuring plan. This includes a proposed new holding company called Man Strategic Holdings PLC, or New Man. In addition, the plan will try to streamline the company’s overblown capital base while raising its financial flexibility and ability to continue its dividend policy, reported Reuters. The reorganization will be implemented through a scheme of arrangement; it is to become effective on November 6. But first, Man will consult its shareholders on the proposals. They are scheduled to vote on them for the new structure on October 17. For the scheme to be approved, it will need a 75 percent approval from the shareholders...............................................Full Article: Source
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