The demerger of UK and European savings and investments business M&G Plc from its parent Prudential Plc is expected to be completed no later than 8am UK time on October 21.
This was revealed by the British insurance giant when it announced that the circular in relation to the demerger as well as the prospectus for the proposed admission of M&G’s ordinary shares have each been approved by the Financial Conduct Authority and published by the respective entities.
The circular is available on Prudential’s website; the prospectus, on M&G’s. Both documents have also been submitted to the National Storage Mechanism.
The split will see M&G shares admitted to trading on the London Stock Exchange’s main market for listed securities. Meanwhile Prudential said no offer of shares will be made as part of the demerger, which requires the approval of shareholders at the group’s general meeting taking place on October 15 in London.
Ahead of the voting, Prudential will have an analyst and investor call and online presentation today (September 26) at 2pm. The presentation will be webcast live and available to replay afterwards.
In addition, an investor and analyst conference for M&G will be held tomorrow.