SHARE BUYBACK PROGRAMME OF UP TO $100 MILLION

RNS Number : 3616Z

Man Group plc

18 September 2020

 

Press Release

18 September 2020

SHARE BUYBACK PROGRAMME OF UP TO $100 MILLION

Man Group plc (the "Company") today announces that it will commence a new share buyback programme of up to $100 million.

The share buyback programme is in line with the Company's policy to distribute capital to shareholders while maintaining a prudent balance sheet after taking into account required capital and potential strategic opportunities.  It will run from 18 September 2020 through to 17 September 2021.  Purchases may continue during any closed period to which the Company is subject.

The number of shares to be acquired is estimated to be around 66 million¹. The purpose of the share buyback programme is to reduce the share capital of the Company (any shares repurchased for this purpose will be cancelled) and to enable the Company to meet obligations arising from employee share option programmes, or other allocations of shares to employees of the Company or to members of the administrative, management or supervisory bodies of the Company, or an associate of the Company (any shares repurchased for this purpose will be held in treasury).

Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors.  The Company has appointed J.P. Morgan Securities plc to manage an irrevocable, non-discretionary share buyback programme to repurchase the Company's shares on its behalf, and within certain parameters.

This arrangement is in accordance with the Company's general authority to repurchase shares, which extends until the Company's 2021 annual general meeting.  The share buyback programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU and in accordance with Chapter 12 of the UKLA Listing Rules.

¹ Based on the prevailing share price and sterling to US Dollar exchange rate as at the date immediately prior to this announcement. In no circumstances will the Programme equal or exceed 10% of the number of ordinary shares in issue as at 27 February 2020.

Enquiries

Alex Dee

Head of Investor Relations

[phone]

Georgiana Brunner

Head of Communications

[phone]

[e-mail]  

Michael Turner

Finsbury

[phone]

[e-mail]

About Man Group

Man Group is a global active investment management firm, which runs $108.3 billion* of client capital in liquid and private markets, managed by investment specialists based around the world. Headquartered in London, the firm has 15 international offices and operates across multiple jurisdictions. Our business has five specialist investment engines, which represent the range of our capabilities: Man AHL, Man Numeric, Man GLG, Man FRM and Man GPM.

These engines house numerous investment teams, working collaboratively within the framework of Man Group, with a high degree of investment autonomy. Each team benefits from the strength and resources of the firm's single operating platform, enabling their primary focus to be seeking to generate alpha for clients. The teams invest across a diverse range of strategies and asset classes with highly specialised approaches, with long only and alternative strategies run on a discretionary and quantitative basis in single and multi-manager formats. Our clients are at the heart of everything we do and we engage in close dialogue with our investors as strategic partners, to understand their particular needs and constraints. Man Group's investment teams are empowered and supported by our institutional infrastructure and technology, which aims to facilitate the efficient exposure to markets and effective collaboration across the organisation.

Through the Man Charitable Trust, Man Group is committed to promoting literacy and numeracy on a global scale, and to supporting charitable causes more broadly.

Man Group plc is listed on the London Stock Exchange under the ticker EMG.LN and is a constituent of the FTSE 250 Index. Further information can be found at www.man.com  

For more information about Man Group's commitment to diversity and inclusion, please visit www.man.com/diversity  

For more information about Man Group's approach to responsible investment, please visit www.man.com/responsible-investment  

*As at 30 June 2020. All investment management and advisory services are offered through the investment "engines" of Man AHL, Man Numeric, Man GLG, Man FRM and Man Global Private Markets (GPM).

 

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