Man Group plc (EMG) - Sale of residual Lehman exposure
RNS Number : 3020R
Man Group plc
16 November 2012
16 November 2012
SALE OF RESIDUAL LEHMAN EXPOSURE
Man Group ("Man") has entered into a series of transactions with Hutchinson
Investors LLC, managed by the Baupost Group, to sell the residual exposure to
the Lehman estates ("Lehman claims") that it acquired in July 2011 from
certain GLG managed funds.
The total consideration for the transactions is $456m, payable in cash by the
buyer. Man may receive up to a further $5m if overall recoveries by the buyer
exceed certain thresholds in the future. The Lehman claims were valued at
$346m as at 30th June 2012.
The transaction allows Man to benefit from the payment of the total
consideration, while retaining certain obligations to the Funds. The proceeds
will increase Man's regulatory capital surplus and further enhance its net
Head of Investor Relations
+44 20 7144 2030
Head of Communications
+44 20 7144 2121
+44 20 7379 5151
Man is a world-leading alternative investment management business. It has
expertise in a wide range of liquid investment styles including managed
futures, equity, credit and convertibles, emerging markets, global macro and
multi-manager, combined with powerful product structuring, distribution and
client service capabilities. As at 30 September 2012, Man managed $60.0
The original business was founded in 1783. Today, Man is listed on the London
Stock Exchange and is a member of the FTSE 250 Index with a market
capitalisation of around £1.4 billion.
Man is a signatory to the United Nations Principles for Responsible Investment
(PRI) and a member of the Dow Jones Sustainability World Index and the
FTSE4Good Index. Man also supports many awards, charities and initiatives
around the world, including sponsoring the Man Booker literary prizes and the
Man Asian Literary Prize. Further information can be found at www.man.com.
Forward looking statements and other important information
This document contains forward-looking statements with respect to the
financial condition, results and business of Man Group plc. By their nature,
forward looking statements involve risk and uncertainty and there may be
subsequent variations to estimates. Man Group plc's actual future results may
differ materially from the results expressed or implied in these
The content of the websites referred to in this announcement is not
incorporated into and does not form part of this announcement. Nothing in
this announcement should be construed as or is intended to be a solicitation
for or an offer to provide investment advisory services.
This information is provided by RNS
The company news service from the London Stock Exchange
MSCDQLBFLFFZFBL -0- Nov/16/2012 07:44 GMT
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