Standard Chartered PLC Share Buy-Back (5231Q)

TIDMSTAN

RNS Number : 5231Q

Standard Chartered PLC

26 February 2021

STANDARD CHARTERED PLC

SHARE BUY-BACK

Standard Chartered PLC (the Group) announces that, as outlined in its announcement on 25 February 2021, it will commence buying-back ordinary shares of US$0.50 each (the Ordinary Shares) for up to a maximum consideration of US$253.6 million (the Buy-back). The purpose of the Buy-back is to reduce the Group's outstanding Ordinary Shares.

The Group has entered into an irrevocable, non-discretionary agreement with Merrill Lynch International (BofA Securities) to enable the purchase of Ordinary Shares by BofA Securities, acting as principal, during the period running from 1 March 2021 until and including 31 May 2021 (subject to no regulatory objections or concerns arising), for an aggregate purchase price of up to, but no greater than, US$253.6 million and the on-sale of such Ordinary Shares by BofA Securities to the Group. The maximum number of Ordinary Shares that can be purchased under the Buy-back is 317,956,410 Ordinary Shares (based on authority granted at the Group's 2020 annual general meeting and assuming, in respect of any purchases after the Group's 2021 annual general meeting, that an appropriate authorising resolution is passed at that meeting). BofA Securities will make its trading decisions in relation to the Ordinary Shares independently of the Group.

Any purchases of Ordinary Shares will be carried out on the London Stock Exchange and any other UK recognised investment exchange which may be agreed, in accordance with pre-set parameters and in accordance with (and subject to limits prescribed by) the Group's general authority to repurchase Ordinary Shares granted by its shareholders at its most recent annual general meeting, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs. For the avoidance of doubt, no purchases of Ordinary Shares will be carried out on the Stock Exchange of Hong Kong Limited. Ordinary Shares purchased under the Buy-back will be cancelled.

For further information, please contact:

   Mark Stride, Head of Investor Relations:                      [phone] 
   Julie Gibson, Head of Media Relations:                        [phone] 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

POSSELFFMEFSEEE

(END) Dow Jones Newswires

February 26, 2021 06:36 ET (11:36 GMT)