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REG - Burberry Group PLC - Transaction in Own Shares

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RNS Number : 8950Q  Burberry Group PLC  30 June 2022

Burberry Group plc

 

Burberry Group plc - Share Repurchase Programme

 

Burberry Group plc ("Burberry" or the "Company") announces that, in connection
with its intention to commence a share buyback programme (the "Programme") of
£400 million which it announced on 18 May 2022, the Company will commence the
first tranche of the Programme to purchase ordinary shares in the capital of
the Company up to a maximum consideration of £200 million. As announced on 18
May 2022, it is intended that the Programme will be completed in the period up
to 1 April 2023. The first tranche of the Programme is subject to remaining
within the authority granted at the Annual General Meeting on 14 July 2021
(the "AGM") (the AGM authority is for a maximum of 40,486,000 ordinary shares)
and will take place during the period starting on 1 July 2022 and ending no
later than 4 November 2022 (the "Engagement Period"). The purpose of the
Programme is to reduce the share capital of Burberry.

 

The maximum number of ordinary shares which may be purchased by the Company
under the first tranche of the Programme is 32,083,280, which is the maximum
pursuant to the authority granted by shareholders at the AGM, less the number
of ordinary shares that were repurchased by the Company pursuant to the share
buyback programme announced on 3 December 2021. The existing shareholder
authority to buy back shares granted at the AGM expires on the conclusion of
the Company's 2022 Annual General Meeting (or, if earlier, 14 October 2022).
Burberry is seeking renewal of shareholder authority to buy back shares at its
2022 Annual General Meeting to be held on 12 July 2022.

 

The Company has entered into an agreement with Morgan Stanley & Co
International Plc ("Morgan Stanley") under which it has issued an irrevocable
instruction to Morgan Stanley to manage the first tranche of the Programme.
Morgan Stanley will carry out the instruction through the acquisition of
ordinary shares in the Company, acting as riskless principal, for subsequent
repurchase by the Company.  This arrangement is in accordance with Chapter 12
of the FCA Listing Rules and the Company's general authority to repurchase
ordinary shares. Burberry will announce any market repurchase of ordinary
shares no later than 7.30 a.m. on the business day following the calendar day
on which the repurchase occurred. Ordinary shares purchased under the
Programme will be either cancelled or held in treasury and used to meet
obligations arising from employee share plans.

 

Morgan Stanley may undertake transactions in the Company's ordinary shares
(which may include sales and hedging activities, in addition to purchases) in
order to manage its market exposure under the Programme. Morgan Stanley will
make any disclosures it is legally required to make in relation to such
transactions.

 

Enquiries

 

 Investors and analysts

 Julian Easthope  VP, Investor Relations  020 3367 4458

                                          julian.easthope@burberry.com

 

 Media
 Andrew Roberts  SVP, Corporate Relations and Engagement  020 3367 3764

                                                          andrew.roberts@burberry.com

 

This announcement does not constitute an invitation to underwrite, subscribe
for or otherwise acquire or dispose of any Burberry Group plc shares, in the
UK, or in the US, or under the US Securities Act 1933 or in any other
jurisdiction.

Burberry is listed on the London Stock Exchange (BRBY.L) and is a constituent
of the FTSE 100 index. ADR symbol OTC:BURBY.

BURBERRY, the Equestrian Knight Device, the Burberry Check and the Thomas
Burberry Monogram and Print are trademarks belonging to Burberry.

 

 

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