Share Repurchase Programme

RNS Number : 9962M

Man Group plc

20 October 2016

 

 

Man Group plc

Share Repurchase Programme

20 October 2016

Man Group plc's (the "Company") policy is to distribute available capital surpluses to shareholders over time, by way of higher dividend payments and/or share repurchases, while maintaining a prudent balance sheet, after taking into account required capital (including liabilities for future earn-out payments) and potential strategic opportunities.

In line with this policy and the Company's previous announcement on 14 October 2016, the Board today announces that it has agreed to enter into an irrevocable, non-discretionary arrangement with Merrill Lynch International to repurchase on its behalf, ordinary shares in the Company, up to a maximum consideration of USD $100 million (the "Programme") and subject to certain pre-set parameters, during the period from 20 October 2016 up to and including 19 October 2017 (the "Execution Period"), including during any closed or prohibited period of the Company which may fall during the Execution Period. The purpose of the Programme is to return surplus capital to shareholders. The number of shares to be acquired is estimated to be around 66 million* based on the prevailing share price and Sterling to US Dollar exchange rate as at the date of this announcement.

All shares purchased under the Programme will be cancelled.

Any shares repurchased under the Programme will be effected in accordance with the Company's general authority to repurchase shares and Chapter 12 of the UKLA Listing Rules and will be discontinued in the event the Company ceases to have the necessary general authority to repurchase ordinary shares.

Enquiries

Andrea Waters

Head of Investor Relations

[phone]

[e-mail]

*In no circumstances will the Programme equal or exceed 15% of the number of Man Group plc ordinary shares currently in issue.

 

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