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Standard Life Aberdeen merger gets go ahead
11/08/2017 , News Team

The merger of Aberdeen Asset Management and Standard Life has been approved by the Court of Session in Edinburgh, Scotland.

Dealings in Aberdeen Ordinary Shares on the London Stock Exchange will be suspended with effect from 5.00 pm today (11/08/2017).

Upon the merger becoming effective, scheme shareholders will receive 0.757 of a new ordinary share of 12 2/9 pence each in the capital of Standard Life in exchange for each Aberdeen Ordinary Share held by them at the Scheme Record Time. 

As at 10 August 2017, being the last business day prior to this announcement, the closing price of each Standard Life ordinary share was 426.80 pence.

It is expected that the cancellation of the admission to trading of Aberdeen Ordinary Shares on the London Stock Exchange's Main Market for listed securities and the cancellation of the listing of Aberdeen Ordinary Shares from the premium segment of the Official List of the UK Listing Authority will each take place by 8.00 am on 15 August 2017.

Furthermore, having each given notice of their intention to resign with effect from the time at which the scheme becomes effective, Andrew Laing, Rod MacRae, Val Rahmani and Hugh Young will stand down as directors of the Aberdeen Board with effect from 14 August 2017. 

Sir Gerry Grimstone, Kevin Parry, Keith Skeoch, Rod Paris, John Devine, Lynne Peacock, Martin Pike and Melanie Gee will be appointed as directors of the Aberdeen Board from the time at which the scheme becomes effective.

The merger is due to complete on 14 August 2017.

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