REG - Assoc.British Foods - Share Repurchase Programme

Associated British FoodsAnnouncement

01/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240301:nRSA2271Fa&default-theme=true

RNS Number : 2271F  Associated British Foods PLC  01 March 2024

1 March 2024

 

Associated British Foods plc

 

Associated British Foods plc share repurchase programme

 

Further to its announcements on 7 and 9 November 2023, Associated British
Foods plc (the 'Company') announces that it has entered into a
non-discretionary arrangement (the 'Engagement') with Barclays Capital
Securities Limited ('Barclays') to execute the second tranche of its up
to £500 million share buyback programme (the 'Programme').

 

The second tranche will be in the sum of up to £250 million and will
commence following completion of the first tranche of the Programme on a date
to be announced which is expected to be no later than 1 May 2024. It is
anticipated that the second tranche will end no earlier than 30 June 2024 and
no later than 1 October 2024 (the 'Engagement Period').

 

Under this arrangement, Barclays will act as riskless principal and will make
decisions independently from the Company under the Engagement. Barclays will
carry out the arrangement through the acquisition of ordinary shares in the
Company for subsequent repurchase by the Company. Purchases may continue
during any closed period to which the Company is subject during the Engagement
Period.

 

The sole purpose of the share buyback is to reduce the capital of the Company.
All ordinary shares repurchased as part of this arrangement will be cancelled.

 

Share purchases will take place in open market transactions and be carried out
on the London Stock Exchange and/or other recognised investment exchange(s)
and may be made from time to time depending on market conditions, share price,
trading volume and other factors.

 

Any purchases of ordinary shares by the Company in relation to this
announcement will be effected within certain pre-set parameters and in
accordance with (and subject to the limits prescribed by) the Company's
general authority to repurcha.se ordinary shares granted by its shareholders
at the Company's AGM on 8 December 2023, the Market Abuse Regulation 596/2014
(as it forms part of UK law pursuant to the European Union (Withdrawal) Act
2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules.

 

Further enquiries:

 

+44 (0)20 7399 6545

Eoin Tonge, Finance Director

Chris Barrie, Corporate Affairs Director

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSQFLBBZXLEBBF