Man Group plc Transaction in Own Shares (0160U)
October 19 2017 - 2:00AM
UK Regulatory
TIDMEMG
RNS Number : 0160U
Man Group plc
19 October 2017
Man Group plc
Share Repurchase Programme
19 October 2017
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 13 October 2017, the Board today announces that it has agreed to
enter into an irrevocable, non-discretionary arrangement with
Credit Suisse Securities (Europe) Limited to repurchase, on its
behalf, ordinary shares in the Company up to a maximum
consideration of $100 million (the "Programme") and subject to
certain pre-set parameters, during the period from 19 October 2017
up to and including 18 October 2018 (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 40 million*
based on the prevailing share price and Sterling to US Dollar
exchange rate as at the date immediately prior to 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
Fiona Smart
Head of Investor Relations
+44 20 7144 2030
fiona.smart@man.com
* In no circumstances will the Programme equal or exceed 15% of
the number of Man Group ordinary shares currently in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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