Man Group plc Share Repurchase Programme (9962M)
October 20 2016 - 2:00AM
UK Regulatory
TIDMEMG
RNS Number : 9962M
Man Group plc
20 October 2016
Man Group plc
Share Repurchase Programme
20 October 2016
Man Group plc's (the "Company") policy is to distribute
available capital surpluses to shareholders over time, by way of
higher dividend payments and/or share repurchases, while
maintaining a prudent balance sheet, after taking into account
required capital (including liabilities for future earn-out
payments) and potential strategic opportunities.
In line with this policy and the Company's previous announcement
on 14 October 2016, the Board today announces that it has agreed to
enter into an irrevocable, non-discretionary arrangement with
Merrill Lynch International to repurchase on its behalf, ordinary
shares in the Company, up to a maximum consideration of USD $100
million (the "Programme") and subject to certain pre-set
parameters, during the period from 20 October 2016 up to and
including 19 October 2017 (the "Execution Period"), including
during any closed or prohibited period of the Company which may
fall during the Execution Period. The purpose of the Programme is
to return surplus capital to shareholders. The number of shares to
be acquired is estimated to be around 66 million* based on the
prevailing share price and Sterling to US Dollar exchange rate as
at the date of this announcement.
All shares purchased under the Programme will be cancelled.
Any shares repurchased under the Programme 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
Andrea Waters
Head of Investor Relations
+44 20 7144 3508
andrea.waters@man.com
*In no circumstances will the Programme equal or exceed 15% of
the number of Man Group plc ordinary shares currently in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
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