Return of cash
On 24 July 2007 Man disposed of a majority interest in MF Global, by way of an initial public offering and listing on the New York Stock Exchange, for net proceeds of US$2.75 billion. Following this disposal, shareholders approved a return of cash, on 23 November 2007, amounting to a sterling equivalent of US$1.40 per existing ordinary share.
On 26th November 2007, Man's ordinary shares of 3 US cents each ("Old Ordinary Shares") were consolidated into New Ordinary Shares of 3.4285 (3 and 3/7ths) US cents each ("New Ordinary Shares") in the ratio of seven New Ordinary Shares for every eight Old Ordinary Shares held. On the same date Shareholders were issued with one B Share or C Share for each Old Ordinary Share that they held at the Record Time.
In accordance with the terms of the Return of Cash, the Dividend Alternative and the Immediate Capital Alternative were effected in December 2007 and the Deferred Capital Alternative was effected in July 2008.
The Return of Cash may affect the tax position of shareholders. A general guide to the tax position of shareholders who are subject to tax in the UK can be found in the attached document ‘Tax information’. Further information on the Return of Cash can be found in the ‘Return of Cash Circular’. Shareholders who are in any doubt about their tax position, or who are subject to tax in a jurisdiction other than the United Kingdom, should consult an appropriate advisor.
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