a4865t
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of June, 2024
PRUDENTIAL PUBLIC LIMITED COMPANY
(Translation
of registrant's name into English)
13/F, One International Finance Centre,
1 Harbour View Street, Central,
Hong Kong, China
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82-
Prudential plc
Commencement of First Tranche of share buyback
programme
Prudential plc (the "Company") announces that it will commence the first US$
700 million tranche ("First
Tranche") of the US$ 2 billion
share buyback programme ("Programme") separately announced today.
The purpose of the Programme is to reduce the issued share capital
of the company in order to return capital to shareholders. The
Directors consider the First Tranche and the Programme to be in the
best interests of the Company and of its shareholders
generally.
The Company intends to repurchase additional Ordinary Shares in the
future pursuant to subsequent tranches of the Programme. This is in
addition to other share buybacks that may be made in the future in
order to offset the expected dilution from the vesting of awards
under employee and agent share schemes or
the take-up of any scrip dividend option if a scrip dividend
alternative were to be offered. The Company will make further
announcements in respect of any such buybacks in due
course.
The Company continues to explore means of further focussing
issuances of employee and agent share schemes and enhancing
liquidity of the Ordinary Shares held on the Hong Kong
line.
Detailed terms of the First Tranche
The Company has entered into an arrangement with Goldman Sachs
International ("Goldman
Sachs") (acting as riskless
principal) to conduct the buyback in respect of the First Tranche
on its behalf and
to make trading decisions in respect of the First Tranche
independently of the Company.
The arrangement with Goldman Sachs enables the purchase of ordinary
shares in the issued share capital of the Company
("Ordinary
Shares") for a period from 24
June 2024, and will complete no later than 27 December 2024. The
aggregate maximum pecuniary amount allocated to the First Tranche
is US$ 700 million (exclusive of associated fees, expenses and
stamp duty) (equivalent to GBP 554 million and HKD 5,464
million, in each case based on the closing exchange rate between
US$ and GBP and US$ and HKD as of 21 June 2024 GMT) representing an
amount equal to the aggregate value of approximately 2.9% of the
Company's issued share capital at the closing share price on 21
June 2024.
Goldman Sachs may effect purchases of Ordinary Shares under the
First Tranche on the London Stock Exchange and/or other trading
venues[1] for
subsequent purchase by the Company. Purchases by the Company will
be treated as being made on the London Stock Exchange. The Company
intends that any Ordinary Shares purchased will be
cancelled.
The First Tranche will be conducted in accordance with the
authority granted by shareholders at the Company's 2024 Annual
General Meeting. The maximum number of Ordinary Shares which may be
purchased by the Company under the First Tranche is 200,000,000.
The First Tranche will be conducted within the parameters
prescribed by the Market Abuse Regulation 596/2014/EU (as in force
in the UK and as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019), the Commission Delegated Regulation 2016/1052/EU
(as in force in the UK and as amended by the FCA's Technical
Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) and
in accordance with Chapter 12 of the UK Listing Rules, the Hong
Kong Listing Rules and the Hong Kong Code on Share Buy-backs. No
purchase of Ordinary Shares will be conducted on the Hong Kong
Stock Exchange. No repurchases will be made in respect of the
Company's American Depositary Receipts.
The Company will make further announcements in due course following
any repurchase of shares. There is no guarantee that the First
Tranche will be implemented in full or that any shares will be
repurchased by the Company.
Additional information
About Prudential plc
Prudential plc provides life and health insurance and asset
management in 24 markets across Asia and Africa. Prudential's
mission is to be the most trusted partner and protector for this
generation and generations to come, by providing simple and
accessible financial and health solutions. The business has dual
primary listings on the Stock Exchange of Hong Kong (2378) and the
London Stock Exchange (PRU). It also has a secondary listing on the
Singapore Stock Exchange (K6S) and a listing on the New York Stock
Exchange (PUK) in the form of American Depositary Receipts. It is a
constituent of the Hang Seng Composite Index and is also included
for trading in the Shenzhen-Hong Kong Stock Connect programme and
the Shanghai-Hong Kong Stock Connect programme.
Prudential is not affiliated in any manner with Prudential
Financial, Inc. a company whose principal place of business is in
the United States of America, nor with The Prudential Assurance
Company Limited, a subsidiary of M&G plc, a company
incorporated in the United Kingdom.
https://www.prudentialplc.com/
Contact
Media
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Investors/Analysts
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Simon
Kutner
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+44
(0)7581 023260
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Patrick
Bowes
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+852
2918 5468
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Hui-Yi
Kho
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+852
6298 9676
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William
Elderkin
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+44
(0)20 3977 9215
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Janice
Wong
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+852
6188 6381
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Darwin
Lam
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+852
2918 6348
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[1] Specifically
Aquis Exchange Europe, Cboe Europe Limited through the BXE and CXE
order books and any multilateral trading facility operated by
Turquoise Global Holdings Limited, each being a trading venue (as
defined in the Market Abuse Regulation) in the United Kingdom where
the Ordinary Shares are admitted to trading or
traded.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: 24 June
2024
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PRUDENTIAL
PUBLIC LIMITED COMPANY
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By:
/s/ Tom Clarkson
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Tom
Clarkson
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Company
Secretary
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