Business
Start of 1st tranche of share repurchase programme
Start of 1st tranche of share repurchase programme.
About this update from Prudential Plc
[{"type":"text","content":"\n\n \n \n \nPrudential plc\n \nCommencement of First Tranche of share buyback programme\n \nPrudential plc (the \"Company\") announces that it will commence the first US$ 700 million tranche (\"First Tranche\") of the US$ 2 billion share buyback programme (\"Programme\") separately announced today.\n \nThe purpose of the Programme is to reduce the issued share capital of the company in order to return capital to shareholders. The Directors consider the First Tranche and the Programme to be in the best interests of the Company and of its shareholders generally.\n \nThe Company intends to repurchase additional Ordinary Shares in the future pursuant to subsequent tranches of the Programme. This is in addition to other share buybacks that may be made in the future in order to offset the expected dilution from the vesting of awards under employee and agent share schemes or the take-up of any scrip dividend option if a scrip dividend alternative were to be offered. The Company will make further announcements in respect of any such buybacks in due course.\n \nThe Company continues to explore means of further focussing issuances of employee and agent share schemes and enhancing liquidity of the Ordinary Shares held on the Hong Kong line. \n \nDetailed terms of the First Tranche\n \nThe Company has entered into an arrangement with Goldman Sachs International (\"Goldman Sachs\") (acting as riskless principal) to conduct the buyback in respect of the First Tranche on its behalf and to make trading decisions in respect of the First Tranche independently of the Company.\n \nThe arrangement with Goldman Sachs enables the purchase of ordinary shares in the issued share capital of the Company (\"Ordinary Shares\") for a period from 24 June 2024, and will complete no later than 27 December 2024. The aggregate maximum pecuniary amount allocated to the First Tranche is US$ 700 million (exclusive of associated fees, expenses and stamp duty) (equivalent to GBP 554 million and HKD 5...