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Man Group launches $100M share buyback program

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Man Group launches $100M share buyback program

Man Group Ltd. will repurchase up to $100 million worth of its ordinary shares.

Credit Suisse Securities (Europe) Ltd. will buy back the shares on behalf of the British asset manager, with the process to begin Oct. 14 and end Oct. 13, 2020.

Man Group said the buyback is aimed at reducing its share capital and will allow it to meet obligations arising from employee share option programs, or other allocations of shares.

The group estimates that it will repurchase approximately 50 million shares, based on the prevailing share price and the sterling-to-U.S. dollar exchange rate as of Oct. 13.

Man Group noted that the number of shares to be bought back will not exceed 10% of its ordinary shares in issue as of Feb. 28.