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LONDON - London Finance & Investment Group PLC (Lonfin) announced its intention to halt its investment activities and return surplus capital to shareholders through a capital reduction. The proposal entails giving shareholders an estimated 71 pence per ordinary share held at the record date for the capital reduction.
The company plans to withdraw its listing from the London Stock Exchange (LON:LSEG) and terminate its listing on the JSE Limited. To proceed with these actions, Lonfin will seek shareholder approval at a general meeting scheduled for March 28, 2025. The details of the proposed capital return and the steps for delisting are outlined in a circular that will be distributed to shareholders and will also be accessible on the company’s website.
The board of Lonfin, after thorough analysis, concluded that the return of capital is in the best interest of the shareholders. This strategic move requires shareholder endorsement in accordance with UK Listing Rule 21. The circular will provide shareholders with information on how to vote at the upcoming general meeting.
The distribution of the circular and the notice of the general meeting are part of the formal process to ensure shareholder participation in the decision-making. The company has stated that the circular will be available on their website and submitted to the National Storage Mechanism.
The independent directors of Lonfin have taken responsibility for the contents of this announcement, which is based on a press release statement. The proposed changes are significant for shareholders as they will directly affect their investments and the future structure of the company.
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