Last checked at 31 Aug 2018 17:45
Standard Life Aberdeen plc ("the Company")
Completion of sale
The Company announces the completion of the sale of Standard Life Assurance Limited to Phoenix Group Holdings.
Sir Gerry Grimstone, Chairman, said "This is a momentous day for Standard Life Aberdeen as we continue to build a world-class investment company. Corporate transformations of this scale require clear vision and huge commitment from all those involved. Maintaining continuity of service and enhancing optionality for all our customers and clients has been a key imperative. My very best wishes for the future to all our employees and customers who are transferring to Phoenix".
The Company confirms its intention, subject to obtaining the relevant regulatory permissions, to return up to £1.75 billion in aggregate to shareholders. A share buyback of £175m has already commenced and £1.0 billion is intended to be returned to shareholders by way of a B share scheme (accompanied by a share consolidation). This would be followed by a further share buyback of up to £575m. Exact timings for the B share scheme and the consolidation, including the record time, will be notified to shareholders by way of a RNS announcement.
31 August 2018
Enquiries:
Media Enquiries |
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Katy Hetherington, PR Manager | +44 (0) 131 245 2283* +44 (0) 7841 344 374 |
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James Thorneley, Head of Communications | +44 (0) 20 7463 6323 +44 (0) 7768 556 334 |
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Tulchan Communications | +44 (0) 20 7353 4200 |
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Investor Enquiries |
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Jakub Rosochowski, Investor Relations Director | +44 (0) 131 245 8028* +44 (0) 7515 298 608 |
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* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.
Standard Life Aberdeen plc LEI: OTMBS544NMO7GLCE7H90
Classification: 3.1. Additional regulated information required to be disclosed under the laws of a Member State