Man sells remaining MF Global stake

14th Aug 2009 07:03

Fund manager Man Group expects gross initial disposal proceeds of $112m, which it expects to receive early next week, from the disposal of its remaining stake in MF Global.Man said it has entered into a Variable Forward Sale (VFS) Agreement with Nomura over the entire remaining holding in MF Global. The transaction is the final step in its 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. MF Global will receive no proceeds from the VFS transaction.