18 September 2020
Man Group plc (the "Company") today announces that it will commence a new share buyback programme of up to $100 million.
The share buyback 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 18 September 2020 through to 17 September 2021. Purchases may continue during any closed period to which the Company is subject.
The number of shares to be acquired is estimated to be around 66 million1. 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 J.P. Morgan Securities plc 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 2021 annual general meeting. The share buyback programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU and in accordance with Chapter 12 of the UKLA Listing Rules.
1 Based on the prevailing share price and sterling to US Dollar exchange rate as at the date immediately prior to this announcement. In no circumstances will the Programme equal or exceed 10% of the number of ordinary shares in issue as at 27 February 2020.