Man Group announces $250m share buyback after cashing in on market rebound
Man Group, the world’s largest listed hedge fund manager, this morning announced it intends to buy back up to $250m shares to return cash to shareholders, after it posted consistently good performance over the last year.
The FTSE 250 group said it will begin buying back the first tranche of $125m shares immediately, and the programme will run for exactly a year, to 7 December 2022.
“The 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 fund manager said in a statement this morning.
A maximum of 96 million shares will be bought back during the programme, subject to what is granted at its annual general meeting, and the buyback is expected to represent around 10 per cent of its issued ordinary share capital.
This will help the investment manager deliver on its aim to reduce its share capital, and enable it to meet its obligations on programmes like employee share options.
More to follow.