Man Group plc Statement re share buy-back programme (5406E)
19 October 2018 - 5:00PM
UK Regulatory
TIDMEMG
RNS Number : 5406E
Man Group plc
19 October 2018
Share buy-back programme
In April 2018, the Board announced a share repurchase programme
for up to $100 million to return surplus capital to shareholders.
This programme was completed on 15 October 2018.
As described in Man Group plc's (the "Company") announcement on
12 October 2018 Markel Corporation have entered into a definitive
agreement to acquire the Company's 18.5% management fee interest in
Nephila Holdings Limited. The acquisition, which remains subject to
regulatory approvals, is currently expected to complete in the
fourth quarter of 2018 and would generate net proceeds of around
$130 million and would add an equivalent amount to the group's
regulatory capital surplus.
The Company's 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 the Company today announces its
intention to repurchase up to $100 million of shares. The
repurchase will be implemented pursuant to an irrevocable buy-back
programme that the Company expects to launch in the coming
days.
Enquiries
Fiona Smart
Head of Investor Relations
+44 20 7144 2030
fiona.smart@man.com
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END
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