Man Group plc Share buy-back programme (7576P)
14 October 2019 - 7:05PM
UK Regulatory
TIDMEMG
RNS Number : 7576P
Man Group plc
14 October 2019
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 11 October 2019, the Board today announces that it has agreed to
enter into an irrevocable, non-discretionary arrangement with
Credit Suisse Securities (Europe) Limited 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 14 October 2019
up to and including 13 October 2020 (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 50
million* based on the prevailing share price and Sterling to US
Dollar exchange rate as at the date immediately prior to this
announcement.
The shares purchased under the Programme will be held in
treasury.
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 10% of
the number of Man Group ordinary shares in issue as at 28 February
2019.
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END
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