UPDATE 1-Man Group confirms new corporate structure proposals
LONDON, Sept 24 (Reuters) - Hedge fund manager Man Group on Monday unveiled details of a corporate restructuring plan aimed at streamlining its bloated capital base, increasing its financial flexibility and ability to maintain its dividend policy.
Man is to consult shareholders on the proposals to create a new group holding company, Man Strategic Holdings plc, which the company refers to as "New Man" by means of a scheme of arrangement.
New Man will issue ordinary shares to holders of shares in Man on a one-for-one basis. New Man shares will trade on the London Stock Exchange in the same way as the existing Man ordinary shares, which will be de-listed.
New Man will be the new holding company of the group, which will then reclaim the old Man Group name.
Shareholders will meet to vote on the proposed new corporate structure on October 17. The scheme requires approval of 75 percent of Man's shareholders to proceed.
Merrill Lynch is advising Man on the restructuring.
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