I may be missing something but, apart from discussions about taxation and needing to buy SL shares with the 73p special dividend to maintain your holding, there seems to be no discussion about what is in it for us shareholders. As I see it (and I'm posting because I'm not sure about it) SL has a value on the LSE, based upon the number of shares in issue. If SL reduces the number of shares in issue from 11 to 9, then, as the value of SL is still the same but there are less shares in issue, the value of the remaining shares should rise to reflect the current valuation on SL. Does anyone see it like this, or am I missing something?
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