Share Buy-Back

RNS Number : 7596X

Standard Chartered PLC

01 May 2019

 

STANDARD CHARTERED PLC

SHARE BUY-BACK

Standard Chartered PLC (the Group) announces that, as outlined in its interim management statement on 30 April 2019, it will commence buying back ordinary shares of US$0.50 each (Ordinary Shares) for up to a maximum consideration of US$1 billion (the Buy-back). The purpose of the Buy-back is to reduce the Group's outstanding Ordinary Shares.

The Group has entered into irrevocable, non-discretionary agreements with each of Merrill Lynch International (BoAML) and J.P. Morgan Securities plc (JPMS) to enable the purchase of Ordinary Shares by BoAML and JPMS, acting as principals, during the period running from 2 May 2019 and ending no later than 31 December 2019 (subject to regulatory approval remaining in place), for an aggregate purchase price of up to US$1 billion and the on-sale of such Ordinary Shares by BoAML and JPMS to the Group. Ordinary Shares purchased under the Buy-back will be cancelled.

Any purchases of Ordinary Shares will be carried out on the London Stock Exchange in accordance with certain 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 most recent annual general meeting (being 330,063,429 Ordinary Shares before 8 May 2019 and thereafter, assuming the relevant resolution is passed at the 2019 annual general meeting, 330,996,724 Ordinary Shares), Chapter 12 of the Financial Conduct Authority's Listing Rules and Article 5(1) of Regulation (EU) No 596/2014, the Commission Delegated Regulation (EU) 2016/1052, 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.

For further information, please contact:

Mark Stride, Head of Investor Relations   [phone]

Julie Gibson, Head of Media Relations      [phone]

 

END

 

 

POSSSDFSFFUSEII