20th Oct 2016 07:03
LONDON (Alliance News) - Man Group PLC on Thursday said it has entered into a deal with Merrill Lynch International to repurchase on its behalf shares in Man Group worth up to a maximum consideration of USD100.0 million.
The irrevocable, non-discretionary arrangement entered into between the pair is subject to certain pre-set parameters, and the repurchasing will take placing during the period from October 20 up to October 19, 2017.
The purchase of the programme is to return surplus capital to shareholders, and the number of shares to be acquired is estimated to be around 66.0 million, based on the current share price and exchange rates.
Shares in Man Group closed flat at 122.30 pence on Wednesday, which would mean the shares being bought would be equal to GBP80.7 million. This is around USD99.0 million.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
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