On 24 March 2022, M&G plc (the "Company") announced that, as outlined in its announcement on 8 March 2022, it will commence a share buyback programme to purchase ordinary shares of 5 pence each in the Company ("Ordinary Shares") for up to a maximum consideration of £500,000,000 (the "Buyback").
The Company has entered into an irrevocable agreement with Goldman Sachs International ("Goldman Sachs") in relation to the purchase by Goldman Sachs, acting as principal, of Ordinary Shares. Under this agreement, the Company has instructed Goldman Sachs to purchase shares up to a maximum consideration of £500,000,000 pursuant to the Buyback.
The purpose of the Buyback is to reduce the share capital of the Company. The Directors consider the Buyback to be in the best interests of the Company and of its shareholders generally, and it is expected that the implementation of the Buyback will enhance earnings per share.
Purchases of the Company's Ordinary Shares pursuant to the Buyback commenced on 24 March 2022 will end no later than 23 March 2023.
Ordinary Shares acquired by Goldman Sachs will be simultaneously on-sold by Goldman Sachs to the Company. The majority of the Ordinary Shares purchased under the Buyback will be cancelled. The remaining Ordinary Shares will be held in Treasury and then transferred to the Company's Employee Benefit Trust to satisfy obligations arising from awards and options granted to employees under the Company's employee share plans.
Purchases under the Buyback shall take place in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase Ordinary Shares granted by its shareholders at the annual general meeting on 26 May 2021 (the "2021 Authority") and any subsequent authority.
Further information can be found in the announcement of the Buyback here.
Regulatory announcements to shareholders in respect of purchases of Ordinary Shares under the Buyback can be found here.
A breakdown of the daily transaction details is available here. This will be updated weekly during the duration of the Buyback.