SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the
month of January, 2024
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation
of registrant's name into English)
13/F, One International Finance Centre,
1 Harbour View Street, Central,
Hong Kong, China
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82-
Prudential plc
Repurchase Programme to neutralise 2023 Employee and Agent share
scheme issuance
Prudential plc (the "Company") announces that it will commence a share
repurchase programme in respect of c. 3.9
million1 ordinary
shares of 5 pence each ("Ordinary
Shares"), in the issued share
capital of the Company (the "Programme").
The purpose of the Programme is to reduce the issued share capital
of the Company to offset dilution from the vesting of awards under
employee and agent share schemes during 2023. Based on the total
number of Ordinary Shares in issue announced on 29 December 2023,
the Programme approximates to 0.14% of the Company's issued share
capital. The Directors consider the Programme to be
in the best interests of the Company and of its shareholders
generally. Given its small size, the implementation of the
Programme is expected to marginally enhance earnings per
share.
The Company intends to make further repurchases of its Ordinary
Shares in future in order to offset the expected dilution from the
vesting of awards under employee and agent share schemes. The
Company will make further announcements in respect of any such
repurchases in due course.
The Company continues to explore means of further focussing
issuances of employee and agent share schemes, and enhancing
liquidity of the Ordinary Shares held, on the Hong Kong
line.
Detailed terms of the Programme
The Company has entered into an irrevocable, non-discretionary
arrangement with Barclays Capital Securities Ltd
("Barclays") (acting as riskless principal) to conduct the
repurchases in respect of the Programme on its behalf and to make
trading decisions in respect of the Programme independently of the
Company.
The arrangement with Barclays enables the purchase of Ordinary
Shares for a period from 8 January 2024, and will complete no later
than 26 January 2024. The aggregate maximum pecuniary amount
allocated to the Programme is GBP 38 million (exclusive of
associated fees, expenses and stamp duty) (equivalent to HKD 374.7
million, based on the closing exchange rate between GBP and HKD as
of 2 January 2024 HKT).
Barclays may effect purchases of Ordinary Shares under the
Programme on the London Stock Exchange and/or other trading
venues2 for
subsequent purchase by the Company. Purchases by the Company will
be treated as being made on the London Stock Exchange. The Company
intends that any Ordinary Shares purchased will be
cancelled.
The Programme is in accordance with the Company's general authority
to purchase a maximum of 275,320,612 Ordinary Shares, granted by
shareholders at the Company's 2023 Annual General Meeting. The
Programme will be conducted within the parameters prescribed by the
Market Abuse Regulation 596/2014/EU (as in force in the UK and as
amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019), the Commission Delegated Regulation 2016/1052/EU (as in
force in the UK and as amended by the FCA's Technical Standards
(Market Abuse Regulation) (EU Exit) Instrument 2019) and in
accordance with Chapter 12 of the UK Listing Rules, the Hong Kong
Listing Rules and the Hong Kong Code on Share Buy-backs. No
purchase of Ordinary Shares will be conducted on the Hong Kong
Stock Exchange. No repurchases will be made in respect of the
Company's American Depositary Receipts.
The Company will make further announcements in due course following
any repurchase of shares. There is no guarantee that the Programme
will be implemented in full or that any shares will be repurchased
by the Company.
1 Three
million, eight-hundred and fifty-one thousand, three hundred and
seventy-six Ordinary Shares (3,851,376)
2 Being
any multilateral trading facility operated by Turquoise Services
Limited, Aquis Limited, Cboe Europe Limited and CBOE
BXE
Additional information
About Prudential plc
Prudential plc provides life and health insurance and asset
management in 24 markets across Asia and Africa. Prudential's
mission is to be the most trusted partner and protector for this
generation and generations to come, by providing simple and
accessible financial and health solutions. The business has dual
primary listings on the Stock Exchange of Hong Kong (2378) and the
London Stock Exchange (PRU). It also has a secondary listing on the
Singapore Stock Exchange (K6S) and a listing on the New York Stock
Exchange (PUK) in the form of American Depositary Receipts. It is a
constituent of the Hang Seng Composite Index and is also included
for trading in the Shenzhen-Hong Kong Stock Connect programme and
the Shanghai-Hong Kong Stock Connect programme.
Prudential is not affiliated in any manner with Prudential
Financial, Inc. a company whose principal place of business is in
the United States of America, nor with The Prudential Assurance
Company Limited, a subsidiary of M&G plc, a company
incorporated in the United Kingdom.
https://www.prudentialplc.com/
Contact
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Media
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Investors/Analysts
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Simon Kutner
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+44 (0)7581 023260
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Patrick Bowes
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+852 9611 2981
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Sonia Tsang
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+852 5580 7525
|
William Elderkin
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+44 (0)20 3977 9215
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|
Sophie Sophaon
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+852 6286 0229
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Darwin Lam
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+852 2918 6348
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: 05
January 2024
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By:
/s/ Thomas S. Clarkson
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Thomas S.
Clarkson |
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Company
Secretary
|
Prudential (PK) (USOTC:PUKPF)
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