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Man Group plc (EMG)

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Wednesday 08 December, 2021

Man Group plc

Share buyback programme of up to $250 million

RNS Number : 8966U
Man Group plc
08 December 2021
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

SHARE BUYBACK PROGRAMME OF UP TO $ 250   MILLION

 

Man Group plc (the "Company") today announces that it intends to buy back shares up to a value of $250 million. The Company will now commence the first tranche with a new share buyback programme of up to $125 million (the "Share Buyback Programme").

 

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 8 December 2021 through to 7 December 2022. Purchases  may continue during any closed period to which the Company is subject.

 

The maximum number of shares that may be repurchased under the Share Buyback Programme is 96,009,523 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2021 Annual General Meeting ("AGM") less the number of shares that have already been repurchased pursuant to that authority1.

 

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 2022 AGM. The Share Buyback Programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR") and the Commission Delegated Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019 which both form part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) and in accordance with Chapter 12 of the FCA Listing Rules.

 

1. The Company intends to seek shareholder approval at its 2022 AGM to renew its general authority to repurchase shares up to a maximum number of shares (expected to represent approximately 10% of the Company's issued ordinary share capital, excluding treasury shares, as at the latest practicable date prior to publication of the Notice of 2022 AGM).

 

 

 

 

 

 

Enquiries

Karan Shirgaokar

Director, Investor Relations

  +44 (0)20 7144 1434

  [email protected]  

 

Georgiana Brunner

Head of Communications

+44 (0)20 7144 1000

[email protected]

 

  Neil Doyle
FTI Consulting

+44 (0)777 1978 220

Man @ FTIConsulting .com

 

 

 

The person responsible at the Company for the release of this announcement for the purposes of UK MAR is Antoine Forterre, Chief Financial Officer.

 

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