Prudential PLC Repurchase to neutralise share scheme issuance (7909Y)
05 Enero 2024 - 2:35AM
UK Regulatory
TIDMPRU
RNS Number : 7909Y
Prudential PLC
05 January 2024
Prudential plc
Repurchase Programme to neutralise 2023 Employee and Agent share
scheme issuance
Prudential plc (the " Company ") announces that it will commence
a share repurchase programme in respect of c. 3.9 million(1)
ordinary shares of 5 pence each (" Ordinary Shares "), in the
issued share capital of the Company (the " Programme ").
The purpose of the Programme is to reduce the issued share
capital of the Company to offset dilution from the vesting of
awards under employee and agent share schemes during 2023. Based on
the total number of Ordinary Shares in issue announced on 29
December 2023, the Programme approximates to 0.14% of the Company's
issued share capital. The Directors consider the Programme to be in
the best interests of the Company and of its shareholders
generally. Given its small size, the implementation of the
Programme is expected to marginally enhance earnings per share.
The Company intends to make further repurchases of its Ordinary
Shares in future in order to offset the expected dilution from the
vesting of awards under employee and agent share schemes. The
Company will make further announcements in respect of any such
repurchases in due course.
The 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.
Detailed terms of the Programme
The Company has entered into an irrevocable, non-discretionary
arrangement with Barclays Capital Securities Ltd (" Barclays ")
(acting as riskless principal) to conduct the repurchases in
respect of the Programme on its behalf and to make trading
decisions in respect of the Programme independently of the
Company.
The arrangement with Barclays enables the purchase of Ordinary
Shares for a period from 8 January 2024, and will complete no later
than 26 January 2024. The aggregate maximum pecuniary amount
allocated to the Programme is GBP 38 million (exclusive of
associated fees, expenses and stamp duty) (equivalent to HKD 374.7
million, based on the closing exchange rate between GBP and HKD as
of 2 January 2024 HKT).
Barclays may effect purchases of Ordinary Shares under the
Programme on the London Stock Exchange and/or other trading
venues(2) for subsequent purchase by the Company. Purchases by the
Company will be treated as being made on the London Stock Exchange.
The Company intends that any Ordinary Shares purchased will be
cancelled.
The Programme is in accordance with the Company's general
authority to purchase a maximum of 275,320,612 Ordinary Shares,
granted by shareholders at the Company's 2023 Annual General
Meeting. The Programme will be conducted within the parameters
prescribed by the Market Abuse Regulation 596/2014/EU (as in force
in the UK and as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019), the Commission Delegated Regulation 2016/1052/EU
(as in force in the UK and as amended by the FCA's Technical
Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) and
in accordance with Chapter 12 of the UK Listing Rules, the Hong
Kong Listing Rules and the Hong Kong Code on Share Buy-backs. No
purchase of Ordinary Shares will be conducted on the Hong Kong
Stock Exchange. No repurchases will be made in respect of the
Company's American Depositary Receipts.
The Company will make further announcements in due course
following any repurchase of shares. There is no guarantee that the
Programme will be implemented in full or that any shares will be
repurchased by the Company.
(1) Three million, eight-hundred and fifty-one thousand, three
hundred and seventy-six Ordinary Shares (3,851,376)
(2) Being any multilateral trading facility operated by
Turquoise Services Limited, Aquis Limited, Cboe Europe Limited and
CBOE BXE
Additional information
About Prudential plc
Prudential plc provides life and health insurance and asset
management in 24 markets across Asia and Africa. Prudential's
mission is to be the most trusted partner and protector for this
generation and generations to come, by providing simple and
accessible financial and health solutions. The business has dual
primary listings on the Stock Exchange of Hong Kong (2378) and the
London Stock Exchange (PRU). It also has a secondary listing on the
Singapore Stock Exchange (K6S) and a listing on the New York Stock
Exchange (PUK) in the form of American Depositary Receipts. It is a
constituent of the Hang Seng Composite Index and is also included
for trading in the Shenzhen-Hong Kong Stock Connect programme and
the Shanghai-Hong Kong Stock Connect programme.
Prudential is not affiliated in any manner with Prudential
Financial, Inc. a company whose principal place of business is in
the United States of America, nor with The Prudential Assurance
Company Limited, a subsidiary of M&G plc, a company
incorporated in the United Kingdom.
https://www.prudentialplc.com/
Contact
Media Investors/Analysts
Simon Kutner +44 (0)7581 023260 Patrick Bowes +852 9611 2981
Sonia Tsang +852 5580 7525 William Elderkin +44 (0)20 3977 9215
Sophie Sophaon +852 6286 0229 Darwin Lam +852 2918 6348
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