Share Buy-Back

RNS Number : 1618C

Standard Chartered PLC

18 February 2022

 

STANDARD CHARTERED PLC

18 FEBRUARY 2022

SHARE BUY-BACK
 

Standard Chartered PLC (the Group) announces that, as outlined in its announcement on 17 February 2022, it will commence buying-back ordinary shares of US$0.50 each (the Ordinary Shares) for up to a maximum consideration of US$750 million (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 J.P. Morgan Securities plc (JPMS plc) and Merrill Lynch International (BofA Securities) to enable the purchase of Ordinary Shares by JPMS plc and BofA Securities, acting as principals, during the period running from 21 February 2022 until and including 30 June 2022 (subject to no regulatory objections or concerns arising), for an aggregate purchase price of up to, but no greater than, US$750 million and the on-sale of such Ordinary Shares by JPMS plc and BofA Securities to the Group. The maximum number of Ordinary Shares that can be purchased under the Buy-back is 272,143,771 Ordinary Shares (based on authority granted at the Group's 2021 annual general meeting and assuming, in respect of any purchases after the Group's 2022 annual general meeting, that an appropriate authorising resolution is passed at that meeting). JPMS plc and BofA Securities 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 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]

 

END

 

 

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