Last checked at 26 Feb 2024 10:03
STANDARD CHARTERED PLC
26 FEBRUARY 2024
SHARE BUY-BACK
Standard Chartered PLC (the "Group") announces that, as noted in its announcement on 23 February 2024, it will commence buying-back ordinary shares of US$0.50 each (the "Ordinary Shares") for up to a maximum aggregate amount of US$1 billion (the "Buy-back"). The purpose of the Buy-back is to reduce the Group's outstanding Ordinary Shares.
The Group has entered into a non-discretionary agreement with J.P. Morgan Securities plc ("JPMS plc") to enable the purchase of Ordinary Shares by JPMS plc, acting as principal, during the period running from 27 February 2024 until and including 23 August 2024 (subject to no regulatory objections or concerns arising), for an aggregate purchase price of up to, but no greater than, US$1 billion and the on-sale of such Ordinary Shares by JPMS plc to the Group.
The maximum number of Ordinary Shares that can be purchased under the Buy-back is 250,000,000 Ordinary Shares (save that any purchases shall not exceed the amount that represents the Group's available general authority to purchase Ordinary Shares as granted from time to time by its shareholders at its annual general meeting). JPMS plc will make their trading decisions in relation to the Ordinary Shares independently of the Group.
Any purchases of Ordinary Shares will be carried out on the London Stock Exchange and Cboe Europe Limited (through the BXE and CXE order books), and any other UK recognised investment exchange which may be agreed, in accordance with pre-set parameters and in accordance with (and subject to limits prescribed by) the Group's general authority to repurchase Ordinary Shares as granted from time to time by its shareholders at its annual general meeting, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs. For the avoidance of doubt, no purchases of Ordinary Shares will be carried out on the Stock Exchange of Hong Kong Limited. Ordinary Shares purchased under the Buy-back will be cancelled.
For further information, please contact:
Gregg J Powell, Group Head, Investor Relations: +44 (0) 20 7885 5172