How will the Friends Provident pay the expenses of the Demerger?
In total, the Friends Provident Group owns 52.35 per cent of F&C. Not all of the ordinary shares in F&C which the Friends Provident Group owns will be demerged to FP Shareholders. The Group intends to retain a 5.35 per cent holding in F&C in order to sell this stake in the market and to use the proceeds of sale to fund the costs of the Reorganisation, the Demerger and the Cash-out Procedure. The proceeds of sale of aggregated fractional entitlements to F&C Shares will also be put towards these costs.
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