5 December 2024
Commencement of Second Tranche of share buyback programme for
US$ 800 million
Prudential plc (the "Company"; HKEX: 2378; LSE: PRU)
announces that it will commence the second tranche ("Second Tranche") of its US$ 2 billion
share buyback programme ("Programme") for US$ 800 million. This
follows the successful completion of the first tranche of the
Programme on 15 November 2024 for US$ 700 million.
The 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 Second Tranche
and the Programme to be in the best interests of the Company and of
its shareholders.
The Programme remains in addition to
other share buybacks that may be undertaken in the future in order
to offset the expected dilution from the vesting of awards under
employee and agent share schemes and the issuance of ordinary
shares under the scrip dividend alternative for future dividends
(if offered).
Detailed terms of the Second
Tranche
The Company has entered into an
arrangement with Barclays Capital Securities Limited
("Barclays") (acting as riskless
principal) to conduct the buyback in respect of the Second Tranche
on its behalf and to make trading decisions in respect of the
Second Tranche independently of the Company.
The arrangement with Barclays
enables the purchase of ordinary shares in the issued share capital
of the Company ("Ordinary
Shares") for a period from 5
December 2024, and will complete no later than 26 June 2025. The
aggregate maximum pecuniary amount allocated to the Second Tranche
is US$ 800 million (exclusive of associated fees, expenses and
stamp duty) (equivalent to GBP 629 million and HKD 6,228 million,
in each case based on the closing exchange rate between US$ and GBP
and US$ and HKD as of 4 December
2024 GMT) representing an amount equal to the
aggregate value of approximately 3.64% of the Company's issued
share capital at the closing share price on 4 December 2024.
Barclays may effect purchases of
Ordinary Shares under the Second Tranche on the London Stock
Exchange and/or other trading venues1 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 Second Tranche will be conducted
in accordance with the authority granted by shareholders at the
Company's 2024 Annual General Meeting and any authority granted by
shareholders at the Company's 2025 Annual General Meeting. The
maximum number of Ordinary Shares which may be purchased by the
Company under the Second Tranche is 175,000,000. The Second Tranche
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 9 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
purchases will be made in respect of the Company's American
Depositary Receipts.
The Company will make further
announcements in due course following any purchase of Ordinary
Shares. There is no guarantee that the Second Tranche will be
implemented in full or that any Ordinary Shares will be purchased
by the Company.
1 Specifically Aquis Exchange Europe, Cboe Europe Limited
through the BXE and CXE order books, and any multilateral trading
facility operated by Turquoise Global Holdings Limited, each being
a trading venue (as defined in the Market
Abuse Regulation) in the United Kingdom where the Ordinary Shares
are admitted to trading or traded.
Additional information
Contact
|
Media
|
|
Investors/analysts
|
|
|
Simon Kutner
|
+44 (0)7581 023260
|
Patrick Bowes
|
+852 2918 5468
|
|
Sonia Tsang
|
+852 5580 7525
|
William Elderkin
|
+44 (0)20 3977 9215
|
|
Sarah Schibli
|
+852 5328 1939
|
Darwin Lam
|
+852 2918 6348
|
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/