Standard Chartered PLC Share Buy-Back (5231Q)
26 February 2021 - 10:36PM
UK Regulatory
TIDMSTAN
RNS Number : 5231Q
Standard Chartered PLC
26 February 2021
STANDARD CHARTERED PLC
SHARE BUY-BACK
Standard Chartered PLC (the Group) announces that, as outlined
in its announcement on 25 February 2021, it will commence
buying-back ordinary shares of US$0.50 each (the Ordinary Shares)
for up to a maximum consideration of US$253.6 million (the
Buy-back). The purpose of the Buy-back is to reduce the Group's
outstanding Ordinary Shares.
The Group has entered into an irrevocable, non-discretionary
agreement with Merrill Lynch International (BofA Securities) to
enable the purchase of Ordinary Shares by BofA Securities, acting
as principal, during the period running from 1 March 2021 until and
including 31 May 2021 (subject to no regulatory objections or
concerns arising), for an aggregate purchase price of up to, but no
greater than, US$253.6 million and the on-sale of such Ordinary
Shares by BofA Securities to the Group. The maximum number of
Ordinary Shares that can be purchased under the Buy-back is
317,956,410 Ordinary Shares (based on authority granted at the
Group's 2020 annual general meeting and assuming, in respect of any
purchases after the Group's 2021 annual general meeting, that an
appropriate authorising resolution is passed at that meeting). BofA
Securities will make its trading decisions in relation to the
Ordinary Shares independently of the Group.
Any purchases of Ordinary Shares will be carried out on the
London Stock Exchange and any other UK recognised investment
exchange which may be agreed, in accordance with pre-set parameters
and in accordance with (and subject to limits prescribed by) the
Group's general authority to repurchase Ordinary Shares granted by
its shareholders at its most recent annual general meeting, Chapter
12 of the Financial Conduct Authority's Listing Rules, Article 5(1)
of Regulation (EU) No. 596/2014 (as incorporated into UK domestic
law by the European Union (Withdrawal) Act 2018), Commission
Delegated Regulation (EU) 2016/1052 (as incorporated into UK
domestic law by the European Union (Withdrawal) Act 2018), the
Rules Governing the Listing of Securities on the Stock Exchange of
Hong Kong Limited and the Hong Kong Codes on Takeovers and Mergers
and Share Buy-Backs. For the avoidance of doubt, no purchases of
Ordinary Shares will be carried out on the Stock Exchange of Hong
Kong Limited. Ordinary Shares purchased under the Buy-back will be
cancelled.
For further information, please contact:
Mark Stride, Head of Investor Relations: +44 (0) 20 7885 8596
Julie Gibson, Head of Media Relations: +44 (0) 20 7885 2434
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END
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