Man Group plc Share buyback programme of up to $50million
March 05 2024 - 1:00AM
RNS Regulatory News
RNS Number : 5423F
Man Group plc
05 March 2024
MAN GROUP PLC - PURCHASES OF
SHARES
As previously communicated to the
market, Man Group plc (the "Company") announces that it will
commence a share buyback programme of up to $50,000,000 (the
"Share Buyback Programme").
The Company has appointed Barclays Bank PLC, acting through its
investment bank ("Barclays") to conduct the Share Buyback
Programme on its behalf and in accordance with certain
parameters.
The maximum number of ordinary shares
(the "Shares") that may be
repurchased under the Share Buyback Programme is up to: (i)
116,279,809 shares, being the number of shares the Company is
authorised to purchase pursuant to the authority granted by
shareholders at the Company's 2023 Annual General Meeting less the
number of shares that have been purchased pursuant to that
authority; and (ii) following such expiration, the aggregate number
of Shares authorised to be purchased by the Company under any
subsequent buyback authority granted by shareholder resolution
during the Share Buyback Programme (which in any event shall be
less than 15% of the relevant class of the Company's equity shares
at the date of such authority).
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. The Share
Buyback Programme will run from 5 March 2024 to 3 March 2025.
Purchases of Shares will be made on the Company's behalf in
accordance with the arrangement with Barclays (referred to below)
and may continue independently of and uninfluenced by the Company
during any closed period to which the Company is
subject.
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.
This arrangement is in accordance with
the Company's general authority granted by the Company's
shareholders at the Company's 2023 AGM and will otherwise be
effected within the parameters of the Market Abuse Regulation (EU)
596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (in
each case including as it forms part of the law of the United
Kingdom by virtue of the European Union (Withdrawal) Act 2018 as
that Act is amended from time to time) and Chapter 12 of the United
Kingdom Listing Rules.
Further information on the Company can
be found on our internet site: https://www.man.com/.
Enquiries
Karan Shirgaokar
Head of Investor Relations
+44 20 7144 1434
investor.relations@man.com
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