Standard Life investors set for £1.75bn windfall
The Edinburgh-based group said Canadian finance minister Joe Oliver had approved the £2.2bn deal with insurer Manulife, announced in September.
Under the terms, Manulife – which also owns US insurer John Hancock – will market Standard Life Investments’ funds across Asia, Canada and the US.
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Hide AdInvestors, who backed the sale at a meeting in October, will receive 73p a share as part of the sale proceeds.
The payment is due to be made before 6 April, when new rules on the tax treatment of so-called special purpose share schemes will kick in.
Standard Life has about 1.3 million retail investors. A spokesman said the return to capital from the sale would average £491 for with-profits policyholders, who were given shares on demutualisation in 2006.
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