Prudential PLC has announced a share repurchase programme to neutralize the issuance of shares under employee and agent share schemes in 2023. The company plans to repurchase approximately 3.9 million ordinary shares to reduce the issued share capital and offset the dilution from the vesting of awards. The directors believe this programme is in the best interests of the company and its shareholders, and it is expected to marginally enhance earnings per share due to its small size.
The company intends to make further repurchases in the future to counter the expected dilution from the vesting of awards under employee and agent share schemes. Prudential PLC has entered into an irrevocable, non-discretionary arrangement with Barclays Capital Securities Ltd to conduct the repurchases on its behalf. The aggregate maximum pecuniary amount allocated to the programme is GBP 38 million.
The programme will be conducted within the parameters prescribed by the Market Abuse Regulation and in accordance with the UK and Hong Kong Listing Rules. Prudential PLC provides life and health insurance and asset management in 24 markets across Asia and Africa. It has dual primary listings on the Stock Exchange of Hong Kong and the London Stock Exchange, as well as a secondary listing on the Singapore Stock Exchange and the New York Stock Exchange.
The company is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme. Prudential PLC is not affiliated with Prudential Financial, Inc. or The Prudential Assurance Company Limited. The company will make further announcements following any repurchase of shares, and there is no guarantee that the programme will be implemented in full or that any shares will be repurchased by the company.