Standard Life Aberdeen PLC said it received regulatory approval for the return of £1.0 billion to shareholders by way of a B share scheme, accompanied by a share capital consolidation.

Shareholders are set to receive a minimum of 33.4 pence per share, with the record time for the B share scheme set at 5 p.m. on Oct. 19. Standard Life Aberdeen expects to announce the share capital consolidation ratio and the finalized return in pence per share on or before Oct. 15.

Associated payments to shareholders and new share certificates are expected to be issued starting Nov. 2.

The company recently closed the sale of Standard Life Assurance Ltd. to Phoenix Group Holdings.