Standard Chartered PLC Share Buy-Back (7596X)
May 01 2019 - 6:56AM
UK Regulatory
TIDMSTAN
RNS Number : 7596X
Standard Chartered PLC
01 May 2019
STANDARD CHARTERED PLC
SHARE BUY-BACK
Standard Chartered PLC (the Group) announces that, as outlined
in its interim management statement on 30 April 2019, it will
commence buying back ordinary shares of US$0.50 each (Ordinary
Shares) for up to a maximum consideration of US$1 billion (the
Buy-back). The purpose of the Buy-back is to reduce the Group's
outstanding Ordinary Shares.
The Group has entered into irrevocable, non-discretionary
agreements with each of Merrill Lynch International (BoAML) and
J.P. Morgan Securities plc (JPMS) to enable the purchase of
Ordinary Shares by BoAML and JPMS, acting as principals, during the
period running from 2 May 2019 and ending no later than 31 December
2019 (subject to regulatory approval remaining in place), for an
aggregate purchase price of up to US$1 billion and the on-sale of
such Ordinary Shares by BoAML and JPMS to the Group. Ordinary
Shares purchased under the Buy-back will be cancelled.
Any purchases of Ordinary Shares will be carried out on the
London Stock Exchange 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 at its most recent annual general meeting (being
330,063,429 Ordinary Shares before 8 May 2019 and thereafter,
assuming the relevant resolution is passed at the 2019 annual
general meeting, 330,996,724 Ordinary Shares), Chapter 12 of the
Financial Conduct Authority's Listing Rules and 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, the Hong Kong Codes on
Takeovers and Mergers and Share Buy-Backs.
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
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contact rns@lseg.com or visit www.rns.com.
END
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