Standard Chartered to commence share buy-back for up to $500m

Maria Nikolova

The purpose of the buy-back is to reduce the group’s outstanding ordinary shares.

Standard Chartered PLC (LON:STAN) has announced it will commence a share buy-back of its ordinary shares of US$0.50 each for up to a maximum consideration of $500 million. The purpose of the buy-back is to reduce the Group’s outstanding ordinary shares.

The Group has entered into an agreement with J.P. Morgan Securities plc (JPMS) to enable the purchase of ordinary shares by JPMS, acting as principal, during the period running from March 2, 2020 until May 14, 2020 for an aggregate purchase price of up to $500 million and the on-sale of such Ordinary Shares by JPMS to the Group.

The maximum number of Ordinary Shares that can be purchased under the buy-back, following completion of the buy-back program launched in May last year is 214,893,241.

JPMS will make its trading decisions in relation to the Ordinary Shares independently of Standard Chartered.

Any purchases of Ordinary Shares will be carried out on UK recognised investment exchanges, including the London Stock Exchange and/or CBOE Europe Equities. The buy-back is in accordance with certain pre-set parameters and in accordance with the Group’s general authority to repurchase Ordinary Shares granted by its shareholders, Chapter 12 of the Financial Conduct Authority’s Listing Rules, Article 5(1) of Regulation (EU) No 596/2014, the Commission Delegated Regulation (EU) 2016/1052, the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, and the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs.

No purchases of Ordinary Shares will be carried out on the Stock Exchange of Hong Kong Limited. Ordinary Shares purchased under the buy-back will be cancelled.

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