Last checked at 19 Oct 2018 07:00
Share buy-back programme
In April 2018, the Board announced a share repurchase programme for up to $100 million to return surplus capital to shareholders. This programme was completed on 15 October 2018.
As described in Man Group plc's (the "Company") announcement on 12 October 2018 Markel Corporation have entered into a definitive agreement to acquire the Company's 18.5% management fee interest in Nephila Holdings Limited. The acquisition, which remains subject to regulatory approvals, is currently expected to complete in the fourth quarter of 2018 and would generate net proceeds of around $130 million and would add an equivalent amount to the group's regulatory capital surplus.
The Company's policy is to distribute available capital surpluses to shareholders over time, by way of higher dividend payments and/or share repurchases, while maintaining a prudent balance sheet, after taking into account required capital (including liabilities for future earn-out payments) and potential strategic opportunities.
In line with this policy the Company today announces its intention to repurchase up to $100 million of shares. The repurchase will be implemented pursuant to an irrevocable buy-back programme that the Company expects to launch in the coming days.
Enquiries
Fiona Smart
Head of Investor Relations
+44 20 7144 2030
fiona.smart@man.com
This announcement contains inside information.