LONDON, Sept 24 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
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
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.