The programme remains in addition to other share buybacks that may be undertaken in the future in order to offset the expected dilution from the vesting of awards under employee and agent share schemes and the issuance of ordinary shares under the scrip dividend alternative for future dividends (if offered).
For the share buyback programme, the Company has entered into an arrangement with Barclays Capital Securities (acting as riskless principal) to conduct the buyback in respect of the second tranche on its behalf and to make trading decisions in respect of the second tranche independently of the company.
The arrangement with Barclays enables the purchase of ordinary shares in the issued share capital of the company from Dec 5 2024 to June 26 2025. The aggregate maximum pecuniary amount allocated to the second tranche is US$800 million (exclusive of associated fees, expenses and stamp duty) representing an amount equal to 3.64% of the Prudential's issued share capital at the closing share price on Dec 4.
