Share purchases will take place in open market transactions
Man Group is to engage in a $100m share buyback programme as is seeks to reduce its overall share capital, and meet share option commitments to its employees and partners.
The firm confirmed this morning (10 August) that it will repurchase up to 129,585,745 shares, a portion of which will be cancelled.
It follows another $100m share buyback programme Man Group initiated in September 2020, which saw an estimated 60,000,000 shares targeted for repurchase.
Man Group said the most recent programme, which will run from 10 August 2021 through to 9 August 2022, will enable it to meet obligations arising from employee share option programmes.
This is in addition to other obligations of shares owed to employees, and members of its administrative, management or supervisory bodies. 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," Man Group said.
Man Group has appointed Credit Suisse International to manage an irrevocable, non-discretionary share buyback programme to repurchase shares on its behalf, and within certain parameters.
