Standard Chartered PLC Share Buy-Back (5080E)
February 28 2020 - 5:50AM
UK Regulatory
TIDMSTAN
RNS Number : 5080E
Standard Chartered PLC
28 February 2020
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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