Man Group plc Share repurchase programme (9487K)
16 April 2018 - 4:25PM
UK Regulatory
TIDMEMG
RNS Number : 9487K
Man Group plc
16 April 2018
Share buy-back programme
Man Group plc's (the "Company") policy is to distribute
available capital surpluses to shareholders over time, by way of
higher dividend payments and/or share repurchases, while
maintaining a prudent balance sheet, after taking into account
required capital (including liabilities for future earn-out
payments) and potential strategic opportunities.
In line with this policy and the Company's previous announcement
on 12 April 2018, the Board today announces that it has agreed to
enter into an irrevocable, non-discretionary arrangement with J. P.
Morgan Securities plc to repurchase, on its behalf, ordinary shares
in the Company up to a maximum consideration of $100 million (the
"Programme") and subject to certain pre-set parameters, during the
period from 16 April 2018 up to and including 30 April 2019 (the
"Execution Period"), including during any closed or prohibited
period of the Company which may fall during the Execution Period.
The purpose of the Programme is to reduce the share capital of the
Company (any shares repurchased for this purpose will be cancelled)
and to enable the Company to meet obligations arising from employee
share option programmes, or other allocations of shares to
employees of the Company or to members of the administrative,
management or supervisory bodies of the Company or an associate of
the Company (any shares repurchased for this purpose will be held
in treasury). The number of shares to be acquired is estimated to
be around 37.5 million* based on the prevailing share price and
Sterling to US Dollar exchange rate as at the date immediately
prior to this announcement.
A proportion of shares purchased under the Programme will be
held in treasury and the remaining shares will be cancelled.
Any shares repurchased under the Programme will be effected in
accordance with the Company's general authority to repurchase
shares and Chapter 12 of the UKLA Listing Rules and will be
discontinued in the event the Company ceases to have the necessary
general authority to repurchase ordinary shares.
Enquiries
Fiona Smart
Head of Investor Relations
+44 20 7144 2030
fiona.smart@man.com
* In no circumstances will the Programme equal or exceed 15% of
the number of Man Group ordinary shares currently in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
POSEAFLSFAEPEAF
(END) Dow Jones Newswires
April 16, 2018 02:25 ET (06:25 GMT)
Man (LSE:EMG)
Historical Stock Chart
From Apr 2024 to May 2024
Man (LSE:EMG)
Historical Stock Chart
From May 2023 to May 2024