Prudential plc
Repurchase Programme to neutralise 2024 Employee and Agent
share scheme issuance
Prudential plc (the "Company")
announces that it will commence a share repurchase programme in
respect of c. 760,000[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 the first half of 2024. Based on the total number of
Ordinary Shares in issue announced on 31 May 2024, the Programme
approximates to 0.03% 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 including 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
arrangement with Merrill Lynch International ("MLI") (acting
as riskless principal) to conduct the repurchases in respect of the
Programme on its behalf.
The arrangement with MLI enables the
purchase of Ordinary Shares for a period from 12 June 2024, and
will complete no later than 30 June 2024. The aggregate maximum
pecuniary amount allocated to the Programme is GBP 5.6 million
(exclusive of associated fees, expenses and stamp duty) (equivalent
to HKD 55.6 million, based on the closing exchange rate between GBP
and HKD as of 7 June 2024 HKT).
MLI 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
274,967,019 Ordinary Shares, granted by shareholders at the
Company's 2024 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.
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
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Investors/Analysts
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Simon Kutner
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+44 (0)7581 023260
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Patrick Bowes
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+852 9611 2981
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Sonia Tsang
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+852 5580 7525
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William Elderkin
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+44 (0)20 3977 9215
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Sophie Sophaon
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+852 6286 0229
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Darwin Lam
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+852 2918 6348
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