Last checked at 28 Feb 2020 10:50
STANDARD CHARTERED PLC
SHARE BUY-BACK
Standard Chartered PLC (the Group) announces that, as outlined in its announcement on 27 February 2020, it will commence a share buy-back of the Group's ordinary shares of US$0.50 each (Ordinary Shares) for up to a maximum consideration of US$500 million (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 J.P. Morgan Securities plc (JPMS) to enable the purchase of Ordinary Shares by JPMS, acting as principal, during the period running from 2 March 2020 until and including 14 May 2020 (subject to regulatory approval remaining in place), for an aggregate purchase price of up to, but no greater than, US$500 million and the on-sale of such Ordinary Shares by JPMS to the Group. The maximum number of Ordinary Shares that can be purchased under the Buy-back, following completion of the buy-back programme launched on 1 May 2019, is 214,893,241. JPMS will make its trading decisions in relation to the Ordinary Shares independently of the Group.
Any purchases of Ordinary Shares will be carried out on UK recognised investment exchanges, including the London Stock Exchange and/or CBOE Europe Equities, in accordance with 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, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No 596/2014, the Commission Delegated Regulation (EU) 2016/1052, 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:
Mark Stride, Head of Investor Relations +44 (0) 20 7885 8596
Julie Gibson, Head of Media Relations +44 (0) 20 7885 2434