REG - BAE SYSTEMS PLC - Share Buyback Programme Update

BAE SystemsAnnouncement

17/11/2022 07:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221117:nRSQ6819Ga&default-theme=true

RNS Number : 6819G  BAE SYSTEMS PLC  17 November 2022

 

BAE Systems plc

 

BAE Systems Initiates £500MM Second Tranche of Share Buyback Programme

 

 

Today, BAE Systems plc ("BAE Systems", or the "Company") announces that it has
entered into an arrangement with Morgan Stanley & Co. International plc
("Morgan Stanley") in relation to the second tranche (the "Second Tranche") of
the share buyback programme announced by the Company on 28 July 2022 (the
"Buyback Programme"). The First Tranche of the Buyback Programme completed on
16 November 2022. The sole purpose of the Buyback Programme is to reduce the
issued share capital of the Company.

 

In connection with the Second Tranche, the Company has instructed Morgan
Stanley, acting as riskless principal, to purchase ordinary shares of BAE
Systems (the "Shares") for an amount of up to £500 million. The Second
Tranche will run from and including 17 November 2022, and is expected to be
completed by 31 December 2023.

 

Any purchases of Shares under the Second Tranche will be effected within
certain pre-set parameters. These arrangements are in accordance with BAE
Systems' general authority to repurchase Shares granted at its Annual General
Meeting held on 5 May 2022 (the "2022 AGM"), Chapter 12 of the Listing Rules,
and those provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as
incorporated into UK domestic law by the European Union (Withdrawal) Act 2018)
and the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into
UK domestic law by the European Union (Withdrawal) Act 2018) dealing with
buyback programmes. The number of ordinary shares to be purchased under the
Buyback Programme will not exceed 314,658,597 Shares and is therefore within
the 2022 AGM approved limit.

 

Details of the authority granted at the 2022 AGM can be found on our website
under: https://investors.baesystems.com/~/media/Files/B/Bae-Systems-Investor-Relations-V3/PDFs/results-and-reports/results/2022/agm-notice-of-meeting-2022.pdf
(https://investors.baesystems.com/~/media/Files/B/Bae-Systems-Investor-Relations-V3/PDFs/results-and-reports/results/2022/agm-notice-of-meeting-2022.pdf)
 

 

 

For further information, please contact:

 Investors                                                            Media
 Martin Cooper,                                                       Kristina Anderson,

 Investor Relations Director                                          Director, Media Relations

 Telephone: +44 (0)1252 383455                                        Telephone: +44 (0) 7540 628673

 Email: investors@baesystems.com (mailto:investors@baesystems.com)    Email: Kristina.anderson@baesystems.com
                                                                      (mailto:Kristina.anderson@baesystems.com)

 

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  POSDQLFFLFLXFBF