REG - Prudential PLC - Commencement of 3rd tranche of buyback programme

PrudentialAnnouncement

Today 07:00

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RNS Number : 0763P  Prudential PLC  01 July 2025

PRUDENTIAL PLC

 

Commencement of Third Tranche of share buyback programme for US$ 500 million

 

Prudential plc (the "Company"; HKEX: 2378; LSE: PRU) announces that it will
commence the third and final tranche ("Third Tranche") of its US$ 2 billion
share buyback programme ("Programme") for US$ 500 million. This follows the
successful completion of the first tranche of the Programme on 15 November
2024 for US$ 700 million and the second tranche on 26 June 2025 for US$ 800
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
Third Tranche and the Programme to be in the best interests of the Company and
of its shareholders.

The Programme is in addition to other share buybacks that may be undertaken in
the future in order to offset the actual or expected dilution from the vesting
of awards under employee and agent share schemes and the issuance of ordinary
shares under the scrip dividend alternative announced on 20 March 2025 in
respect of the 2024 second interim dividend and any scrip dividend alternative
for future dividends (if offered).

Detailed terms of the Third Tranche

The Company has entered into an arrangement with Merrill Lynch International
("MLI") (acting as riskless principal) to conduct the buyback in respect of
the Third Tranche on its behalf and to make trading decisions in respect of
the Third Tranche independently of the Company.

The arrangement with MLI enables the purchase of ordinary shares in the issued
share capital of the Company ("Ordinary Shares") for a period from 1 July
2025, and will complete no later than 24 December 2025. The aggregate maximum
pecuniary amount allocated to the Third Tranche is US$ 500 million (exclusive
of associated fees, expenses and stamp duty) (equivalent to GBP 365 million
and HKD 3,925 million, in each case based on the closing exchange rate between
US$ and GBP and US$ and HKD as of 30 June 2025 GMT) representing an amount
equal to the aggregate value of approximately 1.54% of the Company's issued
share capital at the closing share price on 30 June 2025.

MLI may effect purchases of Ordinary Shares under the Third 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 Third Tranche will be conducted in accordance with the 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
Third Tranche is 150,000,000. The Third 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 Third Tranche will
be implemented in full or that any Ordinary Shares will be purchased by the
Company.

Update on capital management

The Third Tranche announced today constitutes the final tranche in respect of
the Programme and will complete the US$ 2 billion return of capital to our
shareholders.  As previously announced, the Company intends to provide a
further update on its capital management plan in August 2025 when it publishes
its half year results for the six months ended 30 June 2025.

(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
                                   Ming Hau            +44 (0) 20 3977 9293
                                   Bosco Cheung        +825 2918 5499
                                   Tianjiao Yu         +852 2918 5487

 

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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