Last checked at 17 Feb 2023 11:00
STANDARD CHARTERED PLC
17 FEBRUARY 2023
SHARE BUY-BACK
Standard Chartered PLC (the Group) announces that, as noted in its announcement on 16 February 2023, it will commence buying-back ordinary shares of US$0.50 each (the Ordinary Shares) and for a value of up to 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 an irrevocable, non-discretionary agreement with Goldman Sachs International (GS) to enable the purchase of Ordinary Shares by GS, acting as principal, during the period running from 20 February 2023 to no later than 29 September 2023 (subject to no regulatory objections or concerns arising), for a value of up to, but no greater than, US$1 billion and the on-sale of such Ordinary Shares by GS to the Group. GS will make its trading decisions in relation to the Ordinary Shares independently of the Group.
The maximum number of Ordinary Shares that can be purchased under the Buy-back is 211,203,234 Ordinary Shares (based on authority granted at the Group's 2022 annual general meeting and assuming, in respect of any purchases after the Group's 2023 annual general meeting, that an appropriate authorising resolution is passed at that meeting).
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. The Buy-back will be effected within certain pre-set parameters and in accordance with (and subject to limits prescribed by) the Group's general authority to repurchase Ordinary Shares granted by its shareholders at its most recent 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
Shaun Gamble, Director, Group Media Relations: +44 (0) 20 7885 5934