SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the
month of September, 2021
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation of registrant's name into English)
1 Angel Court, London,
England, EC2R 7AG
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in connection with Rule 12g3-2(b): 82-
NEWS RELEASE
13 September 2021
Declaration of a distribution in specie by Prudential plc
and
completion of the demerger of Jackson Financial Inc.
Shareholders are referred to (i) the circular of Prudential plc
("Prudential") published on 6 August 2021 (the
"Circular") regarding the demerger (the
"Demerger")
of Jackson Financial Inc. ("Jackson") and the supplement to the Circular published on
11 August 2021; and (ii) the announcement of the results of the
general meeting of Prudential held on 27 August 2021 and the
passing of the resolution approving the Demerger. Unless otherwise
defined, capitalised terms and expressions used in this
announcement shall have the same meaning given to them in the
Circular.
Prudential plc today announces that a committee of the Prudential
Board has approved the Demerger Dividend1.
Following the declaration by the Prudential Board of the Demerger
Dividend, Prudential has completed the demerger of
Jackson.
Jackson is now an independent company listed on the New York Stock
Exchange ("NYSE") with a ticker JXN. Jackson's Class A common
stock commenced "when-issued" trading on the NYSE on Wednesday, 1
September 2021 and is expected to commence "regular way" trading on
Monday, 20 September 2021.
Qualifying shareholders are entitled to receive one share of
Jackson's Class A common stock for every 40 Prudential shares held
by them at the Record Time2.
Shareholders will continue to own their existing Prudential shares
unless they sell or transfer them.
Immediately following the Demerger, Prudential will retain an
initial holding of 19.9 per cent voting interest (and a 19.7 per
cent economic interest) in the total common stock of Jackson.
Prudential intends to sell down this initial holding within 12
months following completion of the Demerger, subject to market
conditions, such that Prudential expects to own less than 10 per
cent of Jackson's total combined voting power of its common stock.
There will be no special governance rights attached to Prudential's
initial retained holding and Prudential will not retain any seats
on the board of Jackson.
Shriti Vadera, Chair of Prudential, said: "On 11 March 2020,
Prudential announced its intention to separate Jackson from
Prudential, to create two separately listed companies. This has
been a complex transaction and I would like to thank everyone for
their hard work. We
wish Jackson every success in its new life as an independent
business."
Mike Wells, Group Chief Executive of Prudential, said: "With the
demerger of Jackson completed, Prudential's businesses are
focused exclusively on Asia and Africa providing life and health
insurance and asset management. Our businesses in Asia have
leadership positions in their chosen segments, and we now operate
in eight markets in Africa. We look forward to continuing to serve
our customers, and build long term value for shareholders and our
other stakeholders through the disciplined execution of our growth
strategy."
Expected Timetable
The expected timetable for the Demerger Dividend is as
follows:
1. For UK Registered
Shareholders and Prudential ADR Holders
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Time and date (UK time)
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Record Time for determining the entitlement to the Demerger
Dividend
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6.00 pm on 2 September 20213
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UK Settlement Date
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13 September 2021
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Settlement Date for Prudential ADR Holders
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17 September 2021
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Commencement of regular way trading of Jackson Shares on
NYSE
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20 September 2021
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Latest date for despatch of cheques to Small Shareholders on the UK
Register who have elected to take the Share Sale
Option
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Within 10 business days of completion of the relevant
sale
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Despatch of direct registration statements and Jackson Nominee
Service statements in respect of the Jackson Shares
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Week commencing 20 September 2021
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2. For Hong Kong Registered
Shareholders and Singapore Holders
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Time and date (HK time)
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Record Time for Hong Kong Registered Shareholders and Singapore
Holders for determining their entitlement to the Demerger
Dividend
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5.00
pm on 2 September 2021
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Latest time and date for Computershare Hong Kong to receive
completed Forms of Election4
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4.30 pm on 17 September 2021
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Commencement of regular way trading of Jackson Shares on
NYSE
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20 September 2021
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Hong Kong Settlement Date
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24 September 2021
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Despatch of direct registration statements in respect of the
Jackson Shares
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Week commencing 27 September 2021
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Latest date for despatch of cheques to Small Shareholders on the
Hong Kong Register who have elected to take the Share Sale
Option
|
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Within 10 business days of completion of the relevant
sale
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Please note that the timetable is subject to change. If there are
changes to the above timetable, Prudential will publish an
announcement to inform the Shareholders.
Notes
1The announcement in relation
to the approval of the Demerger Dividend is issued pursuant to Rule
13.45 of the Hong Kong Listing Rules.
2 2
September 2021 at: (i) 6.00pm UK time for UK Registered
Shareholders; (ii) 5.00pm U.S. Central Time for Registered ADR
Holders; and (iii) 5.00pm Hong Kong time for Hong Kong Registered
Shareholders and Singapore Holders.
3 5.00
pm (U.S. Central Time) for Registered ADR
Holders.
4 This
deadline is subject to change if there is a tropical cyclone
warning signal no. 8 or above, "extreme conditions" caused by super
typhoons, a "black" rainstorm warning or any other event that
prevents or substantially disrupts
business
activity in Hong Kong on 17 September 2021,
as described in more detail in the Circular. Accordingly,
cheques for sale proceeds under the Share Sale Option may
be despatched and direct registration statements for Jackson Shares
may be
despatched at later dates as a
result.
Enquiries:
Media
|
|
Investors/Analysts
|
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Addy Frederick
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+44 (0)20 3977 9399
|
Patrick Bowes
|
+44 (0)20 3977 9702
|
Ping Ping Tan
|
+65 9654 8954
|
William Elderkin
|
+44 (0)20 3977 9215
|
About
Prudential plc
Prudential plc provides life and health insurance and asset
management, with a focus on Asia and Africa. The business helps
people get the most out of life, by making healthcare affordable
and accessible and by promoting financial inclusion. Prudential
protects people's wealth, helps them grow their assets, and
empowers them to save for their goals. The business has more than
17 million life customers in Asia and Africa and is listed on stock
exchanges in London, Hong Kong, Singapore and New York. Prudential
is not affiliated in any manner with Prudential Financial, Inc. a
company whose principal place of business is in the United States
of America, nor with The Prudential Assurance Company Limited, a
subsidiary of M&G plc, a company incorporated in the United
Kingdom.
About Jackson
Jackson® is committed to helping clarify the complexity of
retirement planning-for you and your clients. Our range of annuity
products, financial know-how, history of award-winning service* and
streamlined experiences strive to reduce the confusion that
complicates your clients' plans. We believe by providing clarity
for all today, we can help drive better outcomes for tomorrow. For
more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Contact Center Awards
Program for 2004 and 2006-2019. (To achieve world-class
certification, 80% or more of call-center customers surveyed must
have rated their experience as very satisfied, the highest rating
possible.)
Disclaimer
This announcement does not constitute an offer of securities for
sale or a solicitation of an offer to purchase securities in any
jurisdiction nor shall it (or any part of it) or the fact of its
distribution, form the basis of, or be relied on in connection
with, any contract therefor.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: 13 September 2021
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By: /s/ Thomas S Clarkson
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Thomas
S Clarkson
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Company
Secretary
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