Prudential plc (LSE:PRU) commences share repurchases on June 12, 2024, under the authorization mandated by the shareholders in the Annual General Meeting held on May 23, 2024. Under the program authorized on June 11, 2024, the company has entered into an arrangement with Merrill Lynch International to repurchase 760,000 ordinary shares, for £5.6 million. The purpose of the program is to reduce the issued share capital of the company to offset dilution from the vesting of awards under employee and agent share schemes during the first half of 2024. The arrangement with Merrill Lynch International will run for a period from June 12, 2024, and will complete no later than June 30, 2024.

As per the mandate approved on May 23, 2024, the company is authorized to repurchase up to 274,967,019 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is 5 pence and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or ) held, sold, transferred or otherwise dealt with as treasury shares in accordance with the provisions of the 2006 Act. The authority shall, unless renewed, varied or revoked prior to such time, expire at the earlier of June 30, 2025 and the conclusion of the Annual General Meeting of the Company to be held in 2024. As of April 7, 2024, the company had 2,749,670,194 shares issued and does not hold any shares in treasury.