REG - Man Group plc - Share buyback programme of up to $125 million

ManAnnouncement

30/06/2022 16:15

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RNS Number : 8937Q  Man Group plc  30 June 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

 

Share buyback programme of up to $125 million

 

Man Group plc (the "Company") today announces that it will commence 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 1 July 2022 through to 30 June 2023. 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 120,122,909 shares, being the number of shares the Company is
authorised to purchase pursuant to the authority granted by shareholders at
the Company's 2022 Annual General Meeting ("AGM") less the number of shares
that have already been repurchased pursuant to that authority(1).

 

The purpose of the Share Buyback Programme is to reduce the share capital of
the Company 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.

 

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 2023 AGM. The Share
Buyback Programme will also be effected within the parameters of the Market
Abuse Regulation 596/2014/EU, including as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019 ("UK MAR") and the Commission Delegated
Regulation 2016/1052/EU, including 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 2023 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 2023 AGM).

 

 

 

Enquiries

 

Karan Shirgaokar

Director, Investor Relations

+44 20 7144 1434

investor.relations@man.com (mailto:investor.relations@man.com)

 

Georgiana Brunner

Head of Communications

+44 20 7144 1000

media@man.com (mailto:media@man.com)

 

Neil Doyle

FTI Consulting

+44 77 7197 8220

man@fticonsulting.com (mailto: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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