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REG - BAE SYSTEMS PLC - Share Buyback Programme Update

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RNS Number : 2519B  BAE SYSTEMS PLC  01 June 2023

 

1 June 2023

BAE Systems plc

 

BAE Systems Initiates £500million Third 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 third tranche (the "Third Tranche") of
the share buyback programme announced by the Company on 28 July 2022 (the
"Buyback Programme"). The First and Second Tranches of the Buyback Programme
completed on 16 November 2022 and 16 May 2023 respectively. The sole purpose
of the Buyback Programme is to reduce the issued share capital of the Company.

 

In connection with the Third 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 Third Tranche
will run from and including 1 June 2023 and is expected to be completed by 24
July 2024.

 

Any purchases of Shares under the Third 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 4 May 2023 (the "2023 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 305,567,916 Shares and is therefore within
the 2023 AGM approved limit.

 

Details of the authority granted at the 2023 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-2023.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)

 

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