Source - RNS
RNS Number : 9487K
Man Group plc
16 April 2018
 

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 12 April 2018, the Board today announces that it has agreed to enter into an irrevocable, non-discretionary arrangement with J. P. Morgan Securities plc 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 16 April 2018 up to and including  30 April 2019 (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 37.5 million* based on the prevailing share price and Sterling to US Dollar exchange rate as at the date immediately prior to this announcement.

A proportion of shares purchased under the Programme will be held in treasury and the remaining shares will be cancelled.

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

[email protected]

 

 

 

 

 

 

* In no circumstances will the Programme equal or exceed 15% of the number of Man Group ordinary shares currently in issue.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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