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BRIEF-Suncorp Group Announces $506 Mln Shareholder Distribution

Published 07/08/2019, 09:35 am
Updated 07/08/2019, 09:40 am
© Reuters.  BRIEF-Suncorp Group Announces $506 Mln Shareholder Distribution
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Aug 7 (Reuters) - Suncorp Group Ltd SUN.AX :

* ANNOUNCES $506 MILLION SHAREHOLDER DISTRIBUTION

* PROPOSED CAPITAL RETURN, EQUATING TO 39 CPS, WILL BE COMBINED WITH RELATED SHARE CONSOLIDATION WHICH WILL BE ACCRETIVE TO EPS

* IF APPROVED, CAPITAL RETURN WILL BE MADE ON 24 OCTOBER 2019

* COMMENCED A 20-YEAR STRATEGIC ALLIANCE WITH TAL OFFERING MARKET-LEADING LIFE INSURANCE SOLUTIONS VIA CO'S AUSTRALIAN DISTRIBUTION CHANNELS

* CAPITAL RETURN WILL BRING TOTAL RETURN TO SHAREHOLDERS FROM SALE OF AUSTRALIAN LIFE INSURANCE BUSINESS TO $610 MILLION

* PROPOSED CAPITAL RETURN, EQUATING TO 39 CPS, TO BE COMBINED WITH RELATED SHARE CONSOLIDATION WHICH WILL BE ACCRETIVE TO EPS

* BASED ON CALCULATION, CONSOLIDATION RATIO IS 0.9710 AND, IF APPROVED BY SHAREHOLDERS, WILL REDUCE NUMBER OF SHARES ON ISSUE BY ABOUT 2.9%

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