Prudential plc has announced the commencement of the second tranche of its US$ 2 billion share buyback programme, allocating US$ 800 million for this phase. This follows the completion of the first tranche, which concluded on November 15, 2024, amounting to US$ 700 million.
The company aims to reduce its issued share capital and return capital to shareholders through this programme. The directors believe that this initiative is in the best interests of both the company and its shareholders.
In addition to future potential buybacks intended to offset dilution from employee and agent share schemes and scrip dividend alternatives, Prudential has partnered with Barclays Capital Securities Limited to manage this tranche. Barclays will act as a riskless principal in executing trades independently of Prudential.
The buyback period begins on December 5, 2024, and will conclude by June 26, 2025. The allocated amount represents approximately 3.64% of Prudential's issued share capital based on closing prices as of December 4, 2024. Purchases will occur primarily on the London Stock Exchange and may also involve other trading venues but not on the Hong Kong Stock Exchange or in respect of American Depositary Receipts.
This operation adheres to regulations including Market Abuse Regulation (596/2014/EU) as adapted for UK laws post-Brexit and various listing rules applicable in both Hong Kong and the UK. Shareholder approval from Prudential’s Annual General Meetings in both 2024 and potentially upcoming in 2025 authorizes these actions.
Prudential plans further announcements following any purchases under this tranche but notes there is no assurance that all planned purchases will occur.
Contact information for media inquiries includes Simon Kutner at +44 (0)7581 023260 and Sonia Tsang at +852 5580 7525 among others listed for investor queries.
Prudential operates across Asia and Africa offering life insurance, health insurance, and asset management services. It maintains listings on major stock exchanges including Hong Kong (2378), London (PRU), Singapore (K6S), and New York (PUK).
It clarifies no affiliation with U.S.-based Prudential Financial Inc., or The Prudential Assurance Company Limited under M&G plc in the UK.
Further details can be found at their official website: https://www.prudentialplc.com/