REG - Prudential PLC - Commencement of 2nd tranche of buyback programme

PrudentialAnnouncement

05/12/2024 11:00

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RNS Number : 9899O  Prudential PLC  05 December 2024

5 December 2024

 

Commencement of Second Tranche of share buyback programme for US$ 800 million

 

Prudential plc (the "Company"; HKEX: 2378; LSE: PRU) announces that it will
commence the second tranche ("Second Tranche") of its US$ 2 billion share
buyback programme ("Programme") for US$ 800 million. This follows the
successful completion of the first tranche of the Programme on 15 November
2024 for US$ 700 million.

The purpose of the Programme is to reduce the issued share capital of the
Company in order to return capital to shareholders. The Directors consider the
Second Tranche and the Programme to be in the best interests of the Company
and of its shareholders.

The Programme remains in addition to other share buybacks that may be
undertaken in the future in order to offset the expected dilution from the
vesting of awards under employee and agent share schemes and the issuance of
ordinary shares under the scrip dividend alternative for future dividends (if
offered).

Detailed terms of the Second Tranche

The Company has entered into an arrangement with Barclays Capital Securities
Limited ("Barclays") (acting as riskless principal) to conduct the buyback in
respect of the Second Tranche on its behalf and to make trading decisions in
respect of the Second Tranche independently of the Company.

The arrangement with Barclays enables the purchase of ordinary shares in the
issued share capital of the Company ("Ordinary Shares") for a period from 5
December 2024, and will complete no later than 26 June 2025. The aggregate
maximum pecuniary amount allocated to the Second Tranche is US$ 800 million
(exclusive of associated fees, expenses and stamp duty) (equivalent to GBP 629
million and HKD 6,228 million, in each case based on the closing exchange rate
between US$ and GBP and US$ and HKD as of 4 December 2024 GMT) representing an
amount equal to the aggregate value of approximately 3.64% of the Company's
issued share capital at the closing share price on 4 December 2024.

Barclays may effect purchases of Ordinary Shares under the Second Tranche on
the London Stock Exchange and/or other trading venues(1) for subsequent
purchase by the Company. Purchases by the Company will be treated as being
made on the London Stock Exchange. The Company intends that any Ordinary
Shares purchased will be cancelled.

The Second Tranche will be conducted in accordance with the authority granted
by shareholders at the Company's 2024 Annual General Meeting and any authority
granted by shareholders at the Company's 2025 Annual General Meeting. The
maximum number of Ordinary Shares which may be purchased by the Company under
the Second Tranche is 175,000,000. The Second Tranche will be conducted within
the parameters prescribed by the Market Abuse Regulation 596/2014/EU (as in
force in the UK and as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019), the Commission Delegated Regulation 2016/1052/EU (as in
force in the UK and as amended by the FCA's Technical Standards (Market Abuse
Regulation) (EU Exit) Instrument 2019) and in accordance with Chapter 9 of the
UK Listing Rules, the Hong Kong Listing Rules and the Hong Kong Code on Share
Buy-backs. No purchase of Ordinary Shares will be conducted on the Hong Kong
Stock Exchange. No purchases will be made in respect of the Company's American
Depositary Receipts.

The Company will make further announcements in due course following any
purchase of Ordinary Shares. There is no guarantee that the Second Tranche
will be implemented in full or that any Ordinary Shares will be purchased by
the Company.

(1) Specifically Aquis Exchange Europe, Cboe Europe Limited through the BXE
and CXE order books, and any multilateral trading facility operated by
Turquoise Global Holdings Limited, each being a trading venue (as defined in
the Market Abuse Regulation) in the United Kingdom where the Ordinary Shares
are admitted to trading or traded.

Additional information

Contact

 Media                              Investors/analysts
 Simon Kutner   +44 (0)7581 023260  Patrick Bowes       +852 2918 5468
 Sonia Tsang    +852 5580 7525      William Elderkin    +44 (0)20 3977 9215
 Sarah Schibli  +852 5328 1939      Darwin Lam          +852 2918 6348

 

About Prudential plc

Prudential plc provides life and health insurance and asset management in 24
markets across Asia and Africa. Prudential's mission is to be the most trusted
partner and protector for this generation and generations to come, by
providing simple and accessible financial and health solutions. The business
has dual primary listings on the Stock Exchange of Hong Kong (2378) and the
London Stock Exchange (PRU). It also has a secondary listing on the Singapore
Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the
form of American Depositary Receipts. It is a constituent of the Hang Seng
Composite Index and is also included for trading in the Shenzhen-Hong Kong
Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.

Prudential is not affiliated in any manner with Prudential Financial, Inc. a
company whose principal place of business is in the United States of America,
nor with The Prudential Assurance Company Limited, a subsidiary of M&G
plc, a company incorporated in the United Kingdom.

https://www.prudentialplc.com/ (https://www.prudentialplc.com/)

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