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Melrose unveils 13-for-14 reverse split after Bridon sale

Reuters - UK Focus

Feb 3 (Reuters) - Engineering turnaround specialist Melrose Industries Plc said it planned a 13-for-14 reverse stock split, more than two months after it sold a division that makes ropes used in mines.

The company said it would return 200 million pounds, or about 18.7 pence per share, to shareholders from the proceeds of the 365 million pound ($548 million) sale, with the rest being used to repay debt.

Melrose, which follows a buy-improve-sell strategy akin to private equity firms, completed the sale of its Bridon division to the Ontario Teachers' Pension Plan in November. ($1 = 0.6657 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)