LONDON (dpa-AFX) - Man Group plc (MNGPF.PK, MNGPY.PK, EMG.L), on Wednesday, said it intends to buy back shares up to a value of $250 million. The company would now commence the first tranche with a new share buyback programme of up to $125 million.
The company noted that Share Buyback 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 purpose of the Share Buyback Programme is to reduce the share capital of the company and to enable the company to meet obligations arising from employee share option programmes, or other allocations of shares to employees of the company or to members of the administrative, management or supervisory bodies of the company, or an associate of the company.
The company has appointed J.P. Morgan Securities plc to manage an irrevocable, non-discretionary share buyback programme to repurchase the company's shares on its behalf, and within certain parameters.
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