Premarket London: Quilter to Return 375 Mln GBP From QLA Sale

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Premarket London: Quilter to Return 375 Mln GBP From QLA Sale
Credit: © Reuters. -- Here is a summary of the most important regulatory news releases from the London Stock Exchange on Thursday, 2nd January. Please refresh for updates.

  • Insurer Quilter (LON: QLT ) said it has completed the sale of its life assurance business QLA to ReAssure for 445 million pounds ($558 million), including accrued interest.
  • The company said it intends to distribute the full net surplus proceeds of 375 million pounds to shareholders. It will decide exactly how and when to do that by its full-year results announcement in March.
    • Ukrainian-based iron ore miner Ferrexpo (LON: FXPO ) said it will pay a special dividend of 6.6c a share, in line with a similar payment last year.
    • That takes total payouts so far to $80 million for the 2019 year, a year in which controlling shareholder Konstantin Zhevago has come under increasing pressure over allegations that the company’s charitable donations were misappropriated.

  • There’s more disappointment with the drill bit for upstream oil company Tullow Oil (LON: TLW ), whose shares were among the worst performing in the FTSE 250 in 2019. The company said it will abandon the Carapa-1 well after finding only four meters of net oil pay, less than hoped.
  • The company took solace from signs that the oil found in the neighboring Stabroek license areas seems to extend southward into the Kanuku block where the Carapa well is located. Tullow holds a 37.5% interest in the block. Spain’s Repsol (MC: REP ), which also holds 37.5%, is its operator.
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