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The FTSE 100 pensions group is selling the business to Canada’s Manulife triggering a £1.75billion payout to investors, many of whom got free shares when the former mutual society floated in
2006. Its shares jumped 31p to 417¼p as it said the average shareholding of 641 shares would generate a £491.29 payout. The 73p per share payment will be through a dual share scheme
allowing investors to take the cash as a capital gain or income depending on their tax circumstances. Chief executive David Nish said: “This transaction provides our group and its
shareholders with strategic and financial benefits.” Standard Life has spent three years turning around its Canadian operations. The deal is subject to approval from regulators and a
shareholder vote on October 3. If it gets the go-ahead it should be completed by the first quarter of 2015 and the payout is expected to coincide with the ordinary dividend in May.
