Last checked at 24 Dec 2018 07:00
Update on implementation of share buy-back programme announced on 22 October 2018
On 21 December 2018, Man Group plc (the "Company") agreed with J. P. Morgan Securities plc ("JPMS plc") to extend its original irrevocable, non-discretionary arrangement with JPMS plc (announced to the market on 22 October 2018) to repurchase, on its behalf, ordinary shares in the Company so that the maximum consideration is increased from $50 million to $100 million. The Company also agreed with JPMS plc to extend the existing engagement period such that it continues up to and including 9 May 2019, being the day prior to the Company's 2019 Annual General Meeting. No other terms of the original irrevocable, non-discretionary arrangement have been amended.
The purpose of the repurchase 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). The number of shares acquired to date under the original agreement is 20.7 million and the remaining number of shares to be acquired under the extended arrangement is estimated to be around 37.4 million* based on the prevailing share price and Sterling to US Dollar exchange rate as at the date immediately prior to this announcement.
Any repurchase of shares will be effected in accordance with the Company's general authority to repurchase shares and Chapter 12 of the UKLA Listing Rules and will be discontinued in the event the Company ceases to have the necessary general authority to repurchase ordinary shares.
Enquiries
Fiona Smart
Head of Investor Relations
+44 20 7144 2030
fiona.smart@man.com
* In no circumstances will the programme equal or exceed 10% of the number of Man Group ordinary shares in issue as at 28 February 2018.