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Man Group to sell rest of MF Global

Date: Monday, August 17, 2009
Author: Marketwatch.com

Hedge fund manager Man Group said Friday that it entered into a variable forward sale agreement with Nomura International to sell its remaining stake in MF Global. The transaction is the final step in Man Group's complete disposal of MF Global shares following its IPO in July 2007. Nomura has executed its initial hedging sales under the VFS Agreement at a sale price of $5.95 per share. The VFS Agreement guarantees that Man Group will achieve a minimum of $5.355 per share, while retaining a capped participation in future share price appreciation over a three to four year period. The structure provides Man Group with gross initial disposal proceeds of $112 million, which it expects to receive early next week.