REG - Man Group plc - Share buyback programme of up to $250 million

ManAnnouncement

08/12/2021 07:00

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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 authority(1).

 

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

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

 

Georgiana Brunner

Head of Communications

+44 (0)20 7144 1000

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

 

 Neil Doyle

FTI Consulting

+44 (0)777 1978 220

Man (mailto:Man@FTIConsulting.com) @ (mailto:Man@FTIConsulting.com)
FTIConsulting (mailto:Man@FTIConsulting.com) .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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