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(Sharecast News) - Man Group has announced a one-year share buyback programme of up to $100m (£77m) to reduce its share capital and pay shares to employees.
The FTSE 250 company said it would buy back about 66m shares between 18 September 2020 and 17 September 2021.
Man said shares bought to reduce its share capital would be cancelled.
The hedge fund company will also buy shares "to enable the company to meet obligations arising from employee share option programmes, or other allocations of shares to employees of the company or to members of the administrative, management or supervisory bodies of the company, or an associate of the company". These shares will be held in treasury.
Most companies scrapped share buybacks to conserve cash when the Covid-19 crisis erupted. Man continued with its planned $100m buyback, arguing it was in a stronger position than other companies.
Analysts have said buybacks may be less common in future after the crisis exposed balance sheets made vulnerable at many companies by returning cash to shareholders.
22 Feb 2024 14:26
UK earnings, trading statements calendar - next 7 days
| Friday 23 February | |
| City of London Investment Group PLC | Half Year Results |
| Irish Residential Properties REIT PLC | Full Year Results |
| Standard Chartered PLC | Full Year Results |
| Monday 26 February | |
| Base Resources Ltd | Half Year Results |
| Bunzl PLC | Full Year Results |
| EnSilica PLC | Half Year Results |
| Kosmos Energy Ltd | Full Year Results |
| Made Tech Group PLC | Half Year Results |
| Tristel PLC | Half Year Results |
| Tuesday 27 February | |
| abrdn Equity Income Trust PLC | Full Year Results |
| abrdn PLC | Full Year Results |
| Croda International PLC | Full Year Results |
| Kitwave Group PLC | Full Year Results |
| McBride PLC | Half Year Results |
| PCI-PAL PLC | Half Year Results |
| Smith & Nephew PLC | Full Year Results |
| Synectics PLC | Full Year Results |
| Uniphar PLC | Full Year Results |
| Unite Group PLC | Full Year Results |
| Wednesday 28 February | |
| AB Dynamics PLC | Trading Statement |
| ASA International Group PLC | Trading Statement |
| Aston Martin Lagonda Global Holdings PLC | Full Year Results |
| Avingtrans PLC | Half Year Results |
| Bluefield Solar Income Fund Ltd | Half Year Results |
| Derwent London PLC | Full Year Results |
| Glenveagh Properties PLC | Full Year Results |
| Grit Real Estate Income Group Ltd | Half Year Results |
| Harmony Energy Income Trust PLC | Full Year Results |
| Hutchmed China Ltd | Full Year Results |
| International Personal Finance PLC | Full Year Results |
| Just Eat Takeaway.com NV | Full Year Results |
| Primary Health Properties PLC | Full Year Results |
| Reckitt Benckiser Group PLC | Full Year Results |
| Renewables Infrastructure Group Ltd | Full Year Results |
| RHI Magnesita NV | Full Year Results |
| St James's Place PLC | Full Year Results |
| Taylor Wimpey PLC | Full Year Results |
| Thursday 29 February | |
| Cairn Homes PLC | Full Year Results |
| CVS Group PLC | Full Year Results |
| Drax Group PLC | Full Year Results |
| Faron Pharmaceuticals Ltd | Full Year Results |
| Haleon PLC | Full Year Results |
| Hammerson PLC | Full Year Results |
| Howden Joinery Group PLC | Full Year Results |
| Hunting PLC | Full Year Results |
| International Biotechnology Trust PLC | Full Year Results |
| London Stock Exchange Group PLC | Full Year Results |
| Macfarlane Group PLC | Full Year Results |
| Man Group PLC | Full Year Results |
| Mobico Group PLC | Full Year Results |
| Nexus Infrastructure PLC | Full Year Results |
| Ocado Group PLC | Full Year Results |
| PPHE Hotel Group Ltd | Full Year Results |
| Schroder Oriental Income Fund Ltd | Full Year Results |
| Schroders PLC | Full Year Results |
| Serco Group PLC | Full Year Results |
| Shaftesbury Capital PLC | Full Year Results |
| Spectris PLC | Full Year Results |
| Spire Healthcare Group PLC | Full Year Results |
| Vesuvius PLC | Full Year Results |
| Weir Group PLC | Full Year Results |
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