Standard Life Plans To Return GBP 1.75 Bln To Shareholders After Canadian Sale

(RTTNews) - Standard Life Plc. (SL.L) said that disposal of its Canadian companies remains on track to complete in early 2015.

Following completion of the transaction, it proposed to return around 1.75 billion pounds (equivalent to 73 pence per share) to shareholders by way of a B/C share scheme and carry out a share consolidation, as previously announced. The share consolidation is intended to reduce the number of shares in issue by approximately the same ratio as the return of value per share to the share price.

Further to the announcement on 3 September 2014 regarding the proposed disposal of the group's Canadian companies, Standard Life plc noted receipt of all necessary approvals from the Canadian Minister of Finance and all necessary approvals and non-objections from the relevant Canadian securities authorities.

The Autumn Statement published on 3 December 2014, proposed changes to the tax treatment of special purpose share schemes (commonly known as 'B or B/C share schemes') from 6 April 2015.

The Company currently expects that the return to shareholders and share consolidation will take place prior to 6 April 2015, and ahead of the final dividend record date. As a consequence the final dividend would be paid on the resulting number of ordinary shares after the consolidation.