Standard Chartered PLC Share Buy-Back
26 February 2024 - 9:03PM
RNS Regulatory News
RNS Number : 4459E
Standard Chartered PLC
26 February 2024
STANDARD CHARTERED PLC
26 FEBRUARY 2024
SHARE BUY-BACK
Standard Chartered PLC (the "Group") announces that, as noted in its
announcement on 23 February 2024, it will commence buying-back
ordinary shares of US$0.50 each (the "Ordinary Shares") for up to a maximum
aggregate amount of US$1 billion (the
"Buy-back"). The purpose of
the Buy-back is to reduce the Group's outstanding Ordinary
Shares.
The Group has entered into a non-discretionary
agreement with J.P. Morgan Securities plc ("JPMS plc") to enable the purchase of
Ordinary Shares by JPMS plc, acting as principal, during the period
running from 27 February 2024 until and including 23
August 2024 (subject to no regulatory objections or
concerns arising), for an aggregate purchase price of up to, but no
greater than, US$1 billion and the on-sale of such Ordinary Shares
by JPMS plc to the Group.
The maximum number of Ordinary Shares that can
be purchased under the Buy-back is 250,000,000
Ordinary Shares (save that any purchases shall not exceed the
amount that represents the Group's available general authority to
purchase Ordinary Shares as granted from time to time by its
shareholders at its annual general meeting). JPMS plc will make
their 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 Cboe Europe Limited
(through the BXE and CXE order books), 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 as
granted from time to time by its shareholders at its 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:
Gregg J Powell, Group Head,
Investor
Relations:
+44 (0) 20 7885 5172
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
POSSEWSUMELSEIE
Standard Chartered (LSE:STAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Standard Chartered (LSE:STAN)
Historical Stock Chart
From Apr 2023 to Apr 2024