REG - BAE SYSTEMS PLC - Commencement of buy-back

BAE SystemsAnnouncement

25/07/2024 07:00

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RNS Number : 7243X  BAE SYSTEMS PLC  25 July 2024

25 July 2024

BAE Systems plc

Commencement of buy-back

BAE Systems plc (the "Company") announces that it has entered into
arrangements with J.P. Morgan Securities plc ("JPMS plc") in relation to the
first tranche (the "First Tranche") of the three-year up to £1.5bn share
buy-back programme announced on 2 August 2023 (the "Buy-back Programme").

The Company has instructed JPMS plc, acting as riskless principal, to carry
out on-market purchases of ordinary shares of 2.5 pence each in the Company
("Ordinary Shares") for up to a maximum consideration of £500m. The First
Tranche of the Buy-back Programme is expected to be completed by 25 July 2025.

The purpose of the Buy-back Programme is to reduce the share capital of the
Company and therefore Ordinary Shares purchased under the First Tranche of the
Buy-back Programme will be cancelled.

Any purchases of Ordinary Shares under the First Tranche of the Buy-back
Programme 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 repurchase Ordinary Shares granted by its shareholders at the annual
general meeting on 9 May 2024 (the "2024 Authority"), the applicable UK
Listing Rules, Article 5(1) 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), the Commission Delegated Regulation (EU) No 2016/1052
(as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018, as amended), and other applicable laws.

The maximum number of Ordinary Shares that may be repurchased under the First
Tranche of the Buy-back Programme will be such number as is equal to the
number of Ordinary Shares the Company is authorised to repurchase under the
2024 Authority (302,815,089 Ordinary Shares).

- ENDS -

For further information, please contact:

Investors
Media

Martin
Cooper
Kristina Anderson

Investor Relations
Director
Director, Media Relations

Telephone: +44 (0) 3300 46
6802                               Telephone:
+44 (0) 7540 628673

Email:
investors@baesystems.com
Email: Kristina.anderson@baesystems.com

 

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