Share Buy-Back

RNS Number : 4229H

Standard Chartered PLC

03 August 2021

 

STANDARD CHARTERED PLC

3 AUGUST 2021

SHARE BUY-BACK

Standard Chartered PLC (the Group) announces that, as outlined in its announcement on 3 August 2021, it will commence buying-back ordinary shares of US$0.50 each (the Ordinary Shares) for up to a maximum consideration of US$250 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 (JPM Securities) to enable the purchase of Ordinary Shares by JPM Securities, acting as principal, during the period running from 4 August 2021 until and including 30 September 2021 (subject to no regulatory objections or concerns arising), for an aggregate purchase price of up to, but no greater than, US$250 million and the on-sale of such Ordinary Shares by JPM Securities to the Group. The maximum number of Ordinary Shares that can be purchased under the Buy-back is 312,143,771 Ordinary Shares (based on authority granted at the Group's 2021 annual general meeting). JPM Securities will make its 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 most recent 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:  [phone]

Julie Gibson, Head of Media Relations:  [phone]  

 

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