Man Group plc Sale of residual Lehman exposure (3020R)
16 November 2012 - 6:44PM
UK Regulatory
TIDMEMG
RNS Number : 3020R
Man Group plc
16 November 2012
Press Release
16 November 2012
SALE OF RESIDUAL LEHMAN EXPOSURE
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.
Enquiries
Fiona Smart
Head of Investor Relations
+44 20 7144 2030
Fiona.smart@man.com
David Waller
Head of Communications
+44 20 7144 2121
david.waller@man.com
Maitland PR
George Trefgarne
+44 20 7379 5151
About Man
Man is a world-leading alternative investment management
business. It has expertise in a wide range of liquid investment
styles including managed futures, equity, credit and convertibles,
emerging markets, global macro and multi-manager, combined with
powerful product structuring, distribution and client service
capabilities. As at 30 September 2012, Man managed $60.0
billion.
The original business was founded in 1783. Today, Man is listed
on the London Stock Exchange and is a member of the FTSE 250 Index
with a market capitalisation of around GBP1.4 billion.
Man is a signatory to the United Nations Principles for
Responsible Investment (PRI) and a member of the Dow Jones
Sustainability World Index and the FTSE4Good Index. Man also
supports many awards, charities and initiatives around the world,
including sponsoring the Man Booker literary prizes and the Man
Asian Literary Prize. Further information can be found at
www.man.com.
Forward looking statements and other important information
This document contains forward-looking statements with respect
to the financial condition, results and business of Man Group plc.
By their nature, forward looking statements involve risk and
uncertainty and there may be subsequent variations to estimates.
Man Group plc's actual future results may differ materially from
the results expressed or implied in these forward-looking
statements.
The content of the websites referred to in this announcement is
not incorporated into and does not form part of this announcement.
Nothing in this announcement should be construed as or is intended
to be a solicitation for or an offer to provide investment advisory
services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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