THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
SHARE BUYBACK PROGRAMME OF UP TO $250 MILLION
Man Group plc (the "Company") today announces that it intends to buy back shares up to a value of $250 million. The Company will now commence the first tranche with a new share buyback programme of up to $125 million (the "Share Buyback Programme").
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 8 December 2021 through to 7 December 2022. Purchases may continue during any closed period to which the Company is subject.
The maximum number of shares that may be repurchased under the Share Buyback Programme is 96,009,523 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2021 Annual General Meeting ("AGM") less the number of shares that have already been repurchased pursuant to that authority1.
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 2022 AGM. The Share Buyback Programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR") and the Commission Delegated Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019 which both form part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) and in accordance with Chapter 12 of the FCA Listing Rules.
1. The Company intends to seek shareholder approval at its 2022 AGM to renew its general authority to repurchase shares up to a maximum number of shares (expected to represent approximately 10% of the Company's issued ordinary share capital, excluding treasury shares, as at the latest practicable date prior to publication of the Notice of 2022 AGM).
Enquiries
Karan Shirgaokar
Director, Investor Relations
+44 (0)20 7144 1434
Georgiana Brunner
Head of Communications
+44 (0)20 7144 1000
Neil Doyle
FTI Consulting
+44 (0)777 1978 220
The person responsible at the Company for the release of this announcement for the purposes of UK MAR is Antoine Forterre, Chief Financial Officer.
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.
