Standard Chartered PLC Share Buy-Back (4549U)
August 01 2022 - 5:30AM
UK Regulatory
TIDMSTAN
RNS Number : 4549U
Standard Chartered PLC
01 August 2022
STANDARD CHARTERED PLC
1 AUGUST 2022
SHARE BUY-BACK
Standard Chartered PLC (the Group) announces that, as noted in
its announcement on 29 July 2022, it will commence buying-back
ordinary shares of US$0.50 each (the Ordinary Shares) for up to a
maximum consideration of US$500 million (the Buy-back). The purpose
of the Buy-back is to reduce the Group's outstanding Ordinary
Shares.
The Group has entered into an irrevocable, non-discretionary
agreement with J.P. Morgan Securities plc (JPMS plc) to enable the
purchase of Ordinary Shares by JPMS plc, acting as principal,
during the period running from 1 August 2022 until and including 31
October 2022 (subject to no regulatory objections or concerns
arising), for an aggregate purchase price of up to, but no greater
than, US$500 million and the on-sale of such Ordinary Shares by
JPMS plc to the Group. The maximum number of Ordinary Shares that
can be purchased under the Buy-back is 284,277,071 Ordinary Shares
(based on authority granted at the Group's 2022 annual general
meeting). JPMS plc will make their trading decisions in relation to
the Ordinary Shares independently of the Group.
Any purchases of Ordinary Shares will be carried out on the
London Stock Exchange and any other UK recognised investment
exchange which may be agreed, in accordance with pre-set parameters
and in accordance with (and subject to limits prescribed by) the
Group's general authority to repurchase Ordinary Shares granted by
its shareholders at its 2022 annual general meeting, Chapter 12 of
the Financial Conduct Authority's Listing Rules, Article 5(1) of
Regulation (EU) No. 596/2014 (as incorporated into UK domestic law
by the European Union (Withdrawal) Act 2018), Commission Delegated
Regulation (EU) 2016/1052 (as incorporated into UK domestic law by
the European Union (Withdrawal) Act 2018), the Rules Governing the
Listing of Securities on the Stock Exchange of Hong Kong Limited
and the Hong Kong Codes on Takeovers and Mergers and Share
Buy-Backs. For the avoidance of doubt, no purchases of Ordinary
Shares will be carried out on the Stock Exchange of Hong Kong
Limited. Ordinary Shares purchased under the Buy-back will be
cancelled.
For further information, please contact:
Gregg J Powell, Group Head, Investor Relations: +44 (0) 20 7885 5172
Shaun Gamble, Director, Group Media Relations: +44 (0) 20 7885 5934
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END
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