(Alliance News) - Man Group PLC on Friday said it will launch a new share buyback programme of up to USD100 million.
The share repurchase programme is in line with the company's policy to "distribute capital to shareholders while maintaining a prudent balance sheet", the FTSE 250-listed company said.
Under the share buyback programme, which will run for one year until September 17, 2021, Man expects to buy around 66 million shares. It has appointed JPMorgan Securities PLC to manage the share buyback programme.
Shares in the company were up 0.4% at 115.95 pence each in London on Friday morning. Year-to-date the stock has lost 27% in value.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Man (EMG)