Share Buy-Back

Standard Chartered PLC

31 July 2023

 

STANDARD CHARTERED PLC

31 July 2023

SHARE BUY-BACK

Standard Chartered PLC (the Group) announces that, as noted in its announcement on 28 July 2023, it will commence buying-back ordinary shares of US$0.50 each (the Ordinary Shares) and for a value of up to US$1 billion (the Buy-back). The purpose of the Buy-back is to reduce the Group's outstanding Ordinary Shares. The Buy-back will run concurrently with the Group's existing share buy-back programme previously announced on 17 February 2023 (the Existing Buy-back). Accordingly, the Group has now announced buy-back programmes for a value of up to US$2 billion to take place over the course of 2023.

The Group has entered into a non-discretionary agreement with Goldman Sachs International (GS) to enable the purchase of Ordinary Shares by GS, acting as principal, during the period running from 1 August 2023 to no later than 22 December 2023 (subject to no regulatory objections or concerns arising), for a value of up to, but no greater than, US$1 billion and the on-sale of such Ordinary Shares by GS to the Group. GS will make its trading decisions in relation to the Ordinary Shares independently of the Group.

The maximum number of Ordinary Shares that can be purchased under the Buy-back is 245,000,000 Ordinary Shares (the Share Maximum) (based on authority granted at the Group's 2023 annual general meeting) after taking account of Ordinary Shares already purchased under the Existing Buy-back. The Buy-back will end no later than 22 December 2023 or when the aggregate number of Shares purchased under the Buy-Back and the Existing Buy-back after this announcement would exceed the Share Maximum. The Existing Buy-back will end as detailed in the 17 February 2023 announcement or when the aggregate number of Shares purchased under the Existing Buy-back and the Buy-back after this announcement would exceed the Share Maximum.

Any purchases of Ordinary Shares will be carried out on the London Stock Exchange and Cboe Europe Limited (through the BXE and CXE order books), and any other UK recognised investment exchange which may be agreed. The Buy-back will be effected within 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, 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]

Shaun Gamble, Director, Group Media Relations:                      [phone]

 

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