10 Aug 2021 07:00
Share buyback programme of up to $100m
Man Group plc (the "Company") today announces that it will commence a new share buyback programme of up to $100 million (the "Programme").
The Programme is in line with the Company's policy to distribute capital to shareholders while maintaining a prudent balance sheet after taking into account required capital and potential strategic opportunities. It will run from 10 August 2021 through to 9 August 2022. Purchases may continue during any closed period to which the Company is subject.
The maximum number of shares that may be repurchased under the Programme is 129,585,745 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2021 Annual General Meeting ("AGM"), less the number of shares that have already been repurchased pursuant to that authority[1].
The purpose of the share buyback programme 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).
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. The Company has appointed Credit Suisse International to manage an irrevocable, non-discretionary share buyback programme to repurchase the Company's shares on its behalf, and within certain parameters.
This arrangement is in accordance with the Company's general authority to repurchase shares, which extends until the Company's 2022 AGM. The Programme will also be effected within the parameters of the UK Market Abuse Regulation and in accordance with Chapter 12 of the UKLA Listing Rules.
Enquiries
Alex Dee
Head of Investor Relations
+44 20 7144 1370
investorrelations@man.com
Georgiana Brunner
Head of Communications
+44 20 7144 1000
media@man.com
Neil Doyle
FTI Consulting
+44 7771 978 220
man@fticonsulting.com
[1] The Company intends to seek shareholder approval at its 2022 AGM to renew its general authority to repurchase shares up to a maximum of number of shares (expected to represent approximately 10% of the Company's issued ordinary share capital, excluding treasury shares, as at the latest practicable date prior to publication of the Notice of 2022 AGM).
Man (EMG)