REG - BAE SYSTEMS PLC - Share Buyback Programme

BAE SystemsAnnouncement

28/07/2022 07:30

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RNS Number : 9958T  BAE SYSTEMS PLC  28 July 2022

 

BAE Systems plc

 

Share Buyback Programme

 

Today, BAE Systems plc ("BAE Systems", or the "Company") announced its interim
results for the half year ending 30 June 2022 and a share buyback programme
(the "Buyback Programme") of up to £1.5 billion.

 

The Buyback Programme is consistent with the Company's disciplined approach to
capital allocation, reflecting the Company's strong cash flow delivery and
balance sheet position. The sole purpose of the Buyback Programme is to reduce
the issued share capital of the Company.

 

Details of the Buyback Programme

 

The Company has entered into an arrangement with Morgan Stanley & Co.
International plc ("Morgan Stanley") in relation to the purchase by Morgan
Stanley, as riskless principal, of ordinary shares of BAE Systems (the
"Shares"). This agreement relates to the first tranche of the Buyback
Programme and is for an amount of up to £500 million ("First Tranche"). The
First Tranche will run from and including 28 July 2022 and is expected to be
completed by 30 June 2023.

 

Any purchases of Shares under the First 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)

 

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