16 November 2012
The total consideration for the transactions is $456m, payable in cash by the buyer. Man may receive up to a further $5m if overall recoveries by the buyer exceed certain thresholds in the future. The Lehman claims were valued at $346m as at 30th June 2012.
The transaction allows Man to benefit from the payment of the total consideration, while retaining certain obligations to the Funds. The proceeds will increase Man's regulatory capital surplus and further enhance its net cash position.