Business
Share buyback programme of up to $50million
Share buyback programme of up to $50million.
About this update from Man Group Plc
[{"type":"text","content":"\n\nMAN GROUP PLC - PURCHASES OF SHARES\nAs previously communicated to the market, Man Group plc (the \"Company\") announces that it will commence a share buyback programme of up to $50,000,000 (the \"Share Buyback Programme\"). The Company has appointed Barclays Bank PLC, acting through its investment bank (\"Barclays\") to conduct the Share Buyback Programme on its behalf and in accordance with certain parameters.\nThe maximum number of ordinary shares (the \"Shares\") that may be repurchased under the Share Buyback Programme is up to: (i) 116,279,809 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2023 Annual General Meeting less the number of shares that have been purchased pursuant to that authority; and (ii) following such expiration, the aggregate number of Shares authorised to be purchased by the Company under any subsequent buyback authority granted by shareholder resolution during the Share Buyback Programme (which in any event shall be less than 15% of the relevant class of the Company's equity shares at the date of such authority).\nThe 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. The Share Buyback Programme will run from 5 March 2024 to 3 March 2025. Purchases of Shares will be made on the Company's behalf in accordance with the arrangement with Barclays (referred to below) and may continue independently of and uninfluenced by the Company during any closed period to which the Company is subject.\nThe purpose of the Share Buyback Programme is to reduce the share capital of the Company 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.\nThis arrangement is in accordance with the Company's general authority granted by the Company's shareholders at the Company's 2023 AGM and will otherwise be effected within the parameters of the Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (in each case...