REG - Airtel Africa PLC - Transaction in Own Shares

Airtel AfricaAnnouncement

23/12/2024 07:00

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RNS Number : 0165R  Airtel Africa PLC  23 December 2024

 

Airtel Africa plc

('Airtel Africa', or the 'Company')

Announcement of second share buyback programme

 

London and Lagos, 23 December 2024: Airtel Africa, a leading provider of
telecommunications and mobile money services, with a presence in 14 countries
across Africa, announces the commencement of a second share buyback programme
that will return up to $100 million to shareholders.

The share buyback reflects the Board's confidence in the Company's continued
growth potential, the strength of its balance sheet and the consistent cash
accretion at the holding company level. Furthermore, the buyback remains in
line with the Company's existing capital allocation policy. The programme will
be executed in accordance with applicable securities laws and regulation.

The share buy-back programme is expected to be phased over two tranches, with
the first tranche commencing today and anticipated to end on or before 24
April 2025. The first tranche will amount to a maximum of $50 million. The
Company has entered into an agreement with Barclays Capital Securities Limited
("Barclays") to conduct the first tranche of the buy-back and carry out
on-market purchases of its ordinary shares with the Company subsequently
purchasing its ordinary shares from Barclays. Under this agreement, Barclays
will act as riskless principal and will make decisions independently of the
Company.

The sole purpose of the buy-back programme is to reduce the capital of the
Company. As such, all shares purchased under the buy-back programme will be
cancelled.

Further details of the share buy-back programme

Any purchases of ordinary shares under the buy-back programme will be carried
out in accordance with certain pre-set parameters set out in the agreement
with Barclays and in accordance with (and subject to the limits prescribed by)
the Company's general authority to repurchase ordinary shares granted by its
shareholders from time to time (at the annual general meeting on 3 July 2024,
shareholders gave the Company authority to purchase a maximum of 374,141,187
ordinary shares and following the completion of the previous buyback, the
remaining authority amounts to a maximum of 328,842,995 ordinary shares),
Financial Conduct Authority's UK Listing Rules 9.6 and the provisions of the
Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended). Purchases may
continue during any closed periods of the Company during the engagement
period.

 

-ENDS-

 

Enquiries

 

 Airtel Africa - Investor Relations

 Alastair Jones                                  +44 7464 830 011

 Investor.relations@africa.airtel.com            +44 207 493 9315
 (mailto:Investor.relations@africa.airtel.com)

 

 Airtel Africa - Group Company Secretary

 Simon O'Hara                             +44 207 493 9315

 

 

About Airtel Africa

Airtel Africa is a leading provider of telecommunications and mobile money
services, with operations in 14 countries in sub-Saharan Africa. Airtel Africa
provides an integrated offer to its subscribers, including mobile voice and
data services as well as mobile money services both nationally and
internationally. The company's strategy is focused on providing a great
customer experience across the entire footprint, enabling our corporate
purpose of transforming lives across Africa.

www.airtel.africa (http://www.airtel.africa)

 

 

 

 

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