Man Group plc SHARE BUYBACK PROGRAMME OF UP TO $100 MILLION (3616Z)
18 September 2020 - 4:00PM
UK Regulatory
TIDMEMG
RNS Number : 3616Z
Man Group plc
18 September 2020
Press Release
18 September 2020
SHARE BUYBACK PROGRAMME OF UP TO $100 MILLION
Man Group plc (the "Company") today announces that it will
commence a new share buyback programme of up to $100 million.
The share buyback programme is in line with the Company's policy
to distribute capital to shareholders while maintaining a prudent
balance sheet after taking into account required capital and
potential strategic opportunities. It will run from 18 September
2020 through to 17 September 2021. Purchases may continue during
any closed period to which the Company is subject.
The number of shares to be acquired is estimated to be around 66
million(1) . The purpose of the share buyback 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).
Share purchases will take place in open market transactions and
may be made from time to time depending on market conditions, share
price, trading volume and other factors. The Company has appointed
J.P. Morgan Securities plc to manage an irrevocable,
non-discretionary share buyback programme to repurchase the
Company's shares on its behalf, and within certain parameters.
This arrangement is in accordance with the Company's general
authority to repurchase shares, which extends until the Company's
2021 annual general meeting. The share buyback programme will also
be effected within the parameters of the Market Abuse Regulation
596/2014/EU and the Commission Delegated Regulation 2016/1052/EU
and in accordance with Chapter 12 of the UKLA Listing Rules.
(1) Based on the prevailing share price and sterling to US
Dollar exchange rate as at the date immediately prior to this
announcement. In no circumstances will the Programme equal or
exceed 10% of the number of ordinary shares in issue as at 27
February 2020.
Enquiries
Alex Dee
Head of Investor Relations
+44 20 7144 1370
Georgiana Brunner
Head of Communications
+44 20 7144 1000
media@man.com
Michael Turner
Finsbury
+44 20 7251 3801
mangroupUK@finsbury.com
About Man Group
Man Group is a global active investment management firm, which
runs $108.3 billion* of client capital in liquid and private
markets, managed by investment specialists based around the world.
Headquartered in London, the firm has 15 international offices and
operates across multiple jurisdictions. Our business has five
specialist investment engines, which represent the range of our
capabilities: Man AHL, Man Numeric, Man GLG, Man FRM and Man
GPM.
These engines house numerous investment teams, working
collaboratively within the framework of Man Group, with a high
degree of investment autonomy. Each team benefits from the strength
and resources of the firm's single operating platform, enabling
their primary focus to be seeking to generate alpha for clients.
The teams invest across a diverse range of strategies and asset
classes with highly specialised approaches, with long only and
alternative strategies run on a discretionary and quantitative
basis in single and multi-manager formats. Our clients are at the
heart of everything we do and we engage in close dialogue with our
investors as strategic partners, to understand their particular
needs and constraints. Man Group's investment teams are empowered
and supported by our institutional infrastructure and technology,
which aims to facilitate the efficient exposure to markets and
effective collaboration across the organisation.
Through the Man Charitable Trust, Man Group is committed to
promoting literacy and numeracy on a global scale, and to
supporting charitable causes more broadly.
Man Group plc is listed on the London Stock Exchange under the
ticker EMG.LN and is a constituent of the FTSE 250 Index. Further
information can be found at www.man.com
For more information about Man Group's commitment to diversity
and inclusion, please visit www.man.com/diversity
For more information about Man Group's approach to responsible
investment, please visit www.man.com/responsible-investment
*As at 30 June 2020. All investment management and advisory
services are offered through the investment "engines" of Man AHL,
Man Numeric, Man GLG, Man FRM and Man Global Private Markets
(GPM).
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