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Man Group plc EMG Sale of residual Lehman exposure

  Man Group plc (EMG) - Sale of residual Lehman exposure

RNS Number : 3020R
Man Group plc
16 November 2012




Press Release

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
cash position.





Enquiries

Fiona Smart

Head of Investor Relations

+44 20 7144 2030

Fiona.smart@man.com



David Waller

Head of Communications

+44 20 7144 2121

david.waller@man.com



Maitland PR

George Trefgarne

+44 20 7379 5151



About Man

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
billion.



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
forward-looking statements.



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

END


MSCDQLBFLFFZFBL -0- Nov/16/2012 07:44 GMT
 
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