British media company Chrysalis Group said on Monday it is to return £96.5 million ($196.5 million) to shareholders in a move worth 57.5 pence per share.

The company said in a statement it would issue two shares in a new group holding company, Chrysalis Plc, and pay 287.5 pence cash for every five shares held in Chrysalis Group.

The move follows Chrysalis's sale of its radio operations this summer. Its shares closed unchanged at 106 pence on Monday.