UK's Aberdeen to halve Standard Life stake to about 5.2%
UK's Aberdeen to halve Standard Life stake to about 5.2% Oct 7 (Reuters) - Aberdeen ABDN.L said on Wednesday it would sell 52 million shares in insurer Standard Life SDLF.L, halving its stake to about 5.2%, as the British asset manager continues its efforts to simplify its structure.
The sale comes as Aberdeen CEO Jason Windsor pushes to streamline the asset manager and sharpen its focus on wealth and investments, amid volatile markets, fee pressure and shifting investor flows.
Here are some more details:
Aberdeen currently holds 104.1 million ordinary shares in the British insurer, or about 10.3% of its issued share capital, and will retain 52.1 million shares after the placing
The sale will have no impact on Aberdeen's 2026 targets of adjusted operating profit and net capital generation of at least £300 million ($396.30 million)
Aberdeen's dividend policy also remains unchanged following the transaction
Aberdeen added it expects to redeem £210 million of Additional Tier 1 (AT1) debt, a form of loss-absorbing capital, at its first call date in December 2026
($1 = 0.7570 pounds)
(Reporting by Rishab Shaju in Bengaluru; Editing by Vijay Kishore)
((Rishab.shaju@thomsonreuters.com ; +91 9048142177))