HSBC Holdings PLC Share buy-back (2500Q)
October 26 2021 - 1:00AM
UK Regulatory
TIDMHSBA
RNS Number : 2500Q
HSBC Holdings PLC
26 October 2021
HSBC HOLDINGS PLC SHARE BUY-BACK
HSBC Holdings plc ('HSBC') announces that, as outlined in its
announcement on 25 October 2021, it will commence a share buy-back
of HSBC's ordinary shares of US$0.50 each ('Ordinary Shares') for
up to a maximum consideration of US$2,000,000,000 (the 'Buy-back').
The purpose of the Buy-back is to reduce HSBC's outstanding
Ordinary Shares.
HSBC has entered into an irrevocable, non-discretionary
agreement (the 'Agreement') with Morgan Stanley & Co.
International plc ('Morgan Stanley') to enable the purchase of
Ordinary Shares by Morgan Stanley acting as principal, during the
period running from 26 October 2021 and ending no later than 20
April 2022 (subject to regulatory approval remaining in place), for
an aggregate purchase price of up to US$2,000,000,000 and the
simultaneous on-sale of such Ordinary Shares by Morgan Stanley to
HSBC.
Morgan Stanley will make trading decisions in relation to the
Buy-back independently of HSBC. Any purchases of Ordinary Shares
will be carried out on the London Stock Exchange, Aquis Exchange,
BATS, Chi-X and/or Turquoise in accordance with certain pre-set
parameters and in accordance with (and subject to limits prescribed
by) HSBC's general authority to repurchase Ordinary Shares granted
by its shareholders at the annual general meeting on 28 May 2021
(the '2021 Authority'), Chapter 12 of the Financial Conduct
Authority's Listing Rules, Article 5(1) of the Market Abuse
Regulation (EU) No 596/2014 (as it forms part of domestic law of
the United Kingdom by virtue of the European Union (Withdrawal) Act
2018 (the 'Withdrawal Act')), the Commission Delegated Regulation
(EU) No 2016/1052 (as it forms part of domestic law of the United
Kingdom by virtue of the Withdrawal Act)), the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited,
the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs
and applicable US federal securities laws. All repurchases by HSBC
under the Buy-Back will be 'on Exchange' transactions (as such term
is defined in the rules of the London Stock Exchange) and will be
'market purchases' for the purposes of the Companies Act 2006.
Ordinary Shares purchased under the Buy-back will be cancelled.
The maximum number of Ordinary Shares that may be repurchased
under the Buy-back is 2,042,279,925, being the number of Ordinary
Shares able to be repurchased under the 2021 Authority.
Investor enquiries to:
Richard O'Connor +44 (0) 20 7991 6590 investorrelations@hsbc.com
Media enquiries to:
Heidi Ashley +44 (0) 20 7992 2045 heidi.ashley@hsbc.com
Note to editors:
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The HSBC Group serves customers worldwide
from offices in 64 countries and territories in its geographical
regions: Europe, Asia, North America, Latin America, and Middle
East and North Africa. With assets of US$2,969bn at 30 September
2021, HSBC is one of the world's largest banking and financial
services organisations.
ends/all
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