Slaughter and May is advising Standard Life plc (Standard Life), a leading long-term investment savings business, on its return of around £1.75 billion to shareholders by way of a B/C share scheme.
Following the completion of the sale of its Canadian companies to a subsidiary of Manulife Financial Corporation for £2.2 billion, Standard Life announced that it is proposing to return 73 pence per share to shareholders by way of a B/C share scheme, which will be accompanied by a share consolidation. The return and the share consolidation, which are subject to shareholder approval, are expected to take place prior to 6 April 2015.
Slaughter and May is working as a team with Standard Life's in-house legal team. Hengeler Mueller (Germany), Arthur Cox (Ireland), Blake, Cassels & Graydon (Canada) and Schoenherr (Austria) are also advising on certain overseas law aspects.
Standard Life in-house legal team: David Burns (acting general counsel), Sara De Busk (associate general counsel)