London Stock Exchange Group issues update on share buyback programme
London Stock Exchange Group plc (LSEG) announces today that it has entered into an irrevocable commitment with Morgan Stanley & Co. International Plc with respect to the second tranche of the share buyback programme announced on 5 August 2022.
The first tranche of the Buyback managed by Goldman Sachs International completed on 5 October 2022.
In connection with Tranche 2, LSEG has instructed Morgan Stanley to purchase voting ordinary shares of 6 79/86 pence each in the Company with a value up to £250 million. Purchases will commence on 1 December 2022 and are expected to end no later than 31 March 2023.
Morgan Stanley will make trading decisions in relation to Tranche 2 independently of, and uninfluenced by, the Company with regard to the timing of the purchases of Shares. Any purchase of Shares by Morgan Stanley contemplated by this announcement will be carried out on the London Stock Exchange and/or on Turquoise Equities Trading. Shares purchased by Morgan Stanley will be on-sold by Morgan Stanley to LSEG, and any purchases of Shares by the company from Morgan Stanley will be carried out on the London Stock Exchange, with the Shares purchased by the Company being held in Treasury.
The arrangements between the Company and Morgan Stanley are subject to customary termination rights in favour of the Company and Morgan Stanley.
LSEG intends to enter into similar arrangements with respect to the final tranche of the Buyback.