Man Group plc Share buyback programme of up to $125 million (8937Q)
June 30 2022 - 10:15AM
UK Regulatory
TIDMEMG
RNS Number : 8937Q
Man Group plc
30 June 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
Share buyback programme of up to $125 million
Man Group plc (the "Company") today announces that it will
commence 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 1 July 2022
through to 30 June 2023. 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 120,122,909 shares, being the number of
shares the Company is authorised to purchase pursuant to the
authority granted by shareholders at the Company's 2022 Annual
General Meeting ("AGM") less the number of shares that have already
been repurchased pursuant to that authority(1) .
The purpose of the Share Buyback Programme is to reduce the
share capital of the Company 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.
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
2023 AGM. The Share Buyback Programme will also be effected within
the parameters of the Market Abuse Regulation 596/2014/EU,
including as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019 ("UK MAR") and the Commission Delegated Regulation
2016/1052/EU, including 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 2023
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 2023 AGM).
Enquiries
Karan Shirgaokar
Director, Investor Relations
+44 20 7144 1434
investor.relations@man.com
Georgiana Brunner
Head of Communications
+44 20 7144 1000
media@man.com
Neil Doyle
FTI Consulting
+44 77 7197 8220
man@fticonsulting.com
The person responsible at the Company for the release of this
announcement for the purposes of UK MAR is Antoine Forterre, Chief
Financial Officer.
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END
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