Man Group (EMG) climbs after $250m share buyback announcement
By Neil Dennis
11:40, 8 December 2021
Shares in Man Group, the UK fund manager, topped the FTSE 250 on Wednesday after announcing the launch of a $250m (£189.4m) share buyback programme.
Man Group shares were up 5.5% at 227.6p in late morning trade on the London Stock Exchange.
The company, with around $120bn in funds under management, said it would commence the first tranche of the buyback by repurchasing up to $125m worth of shares.
Capital distribution policy
The company said in a statement: “The 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 programme will run from 8 December through to 7 December next year, with a maximum of 96,009,523 shares to be repurchased.
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Share option programme
The company said that the aim of the buyback was to reduce its share capital and to enable it to meet its obligations to its employee share option programmes and other allocations of shares to company stakeholders.
Repurchases are to be conducted in open market transactions, made from time to time – depending on market conditions, share price and trading volumes.
Man said it had appointed JPMorgan Securities to manage the scheme and repurchase the required shares on its behalf.