M&G completes Prudential demerger

New shares admitted to London Stock Exchange

M&G has completed its demerger from Prudential, with shares of the new independent business admitted to trading on the main market of the London Stock Exchange this morning (21 October).

The firm announced this morning that it had issued share capital consisting of 2,599,906,866 shares with a nominal value of £0.05 each, and carrying voting rights of one vote per share.  In March, M&G Prudential reported an estimated cost of £143m for its restructuring of the business since the demerger project began. It followed a challenging 2018, which saw the firm hit with net outflows of £9.9bn and the loss of a £6.5bn institutional mandate. CREST accounts - which allow shareholders and bondholders to hold assets in electronic form, rather than holding physical share certificates...