Prudential PLC has announced a share repurchase programme to neutralize the issuance of shares under the 2024 Employee and Agent share schemes. The company will commence the repurchase of approximately 760,000 ordinary shares to reduce the issued share capital and offset dilution from the vesting of awards under these schemes during the first half of 2024. The Directors consider the Programme to be in the best interests of the Company and its shareholders, expecting it to marginally enhance earnings per share due to its small size.
The Company intends to make further repurchases of its Ordinary Shares in the future to offset the expected dilution from the vesting of awards under employee and agent share schemes. The Company has entered into an arrangement with Merrill Lynch International to conduct the repurchases on its behalf. The aggregate maximum pecuniary amount allocated to the Programme is GBP 5.6 million. The purchases will be made on the London Stock Exchange and/or other trading venues, and 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 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.
Prudential PLC provides life and health insurance and asset management in 24 markets across Asia and Africa. The business 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 a listing on the New York Stock Exchange 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 with Prudential Financial, Inc. or The Prudential Assurance Company Limited. For further information, the company has provided contact details for media and investors/analysts.
This comprehensive summary covers Prudential PLC's announcement of a share repurchase programme, its purpose, detailed terms, and additional information about the company.