REG - Burberry Group PLC - Transaction in Own Shares

BurberryAnnouncement

04/11/2022 18:00

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RNS Number : 4417F  Burberry Group PLC  04 November 2022

Burberry Group plc

 

Burberry Group plc - Share repurchase programme

 

Burberry Group plc ("Burberry" or the "Company") announces that, in connection
with the

continuation of the share buyback programme (the "Programme") of £400 million
which it announced

on 18 May 2022, the Company will commence the second 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 second tranche of the Programme is subject to remaining within
the authority granted

at the Annual General Meeting on 12 July 2022 (the "AGM") (the AGM authority
is for a maximum

of 39,670,000 ordinary shares) and will take place during the period starting
on 7 November 2022 and ending no later than 6 March 2023 (the "Engagement
Period"). The purpose of the Programme is to reduce the share capital of
Burberry.  The first tranche of the Programme, which Burberry announced on 30
June 2022, ended within the previously announced engagement period on 1
November 2022. Morgan Stanley & Co International plc, who undertook the
first tranche for Burberry, purchased 11,665,551 ordinary shares for a total
consideration of £199,999,985.94.

 

The maximum number of ordinary shares which may be purchased by the Company
under the second tranche of the Programme is 29,802,748, 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 first
tranche of the Programme, (excluding shares purchased between 1 and 11 July
2022 under the authority granted at the Annual General Meeting on 14 July
2021). The existing shareholder authority to buy back shares granted at the
AGM expires on the conclusion of the Company's 2023 Annual General Meeting
(or, if earlier, 12 October 2023).

 

The Company has entered into an agreement with J.P. Morgan Securities plc
("JPMS plc") under

which it has issued an irrevocable instruction to JPMS plc to manage the
second tranche of the

Programme. JPMS plc 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.

 

JPMS plc may undertake transactions in the Company's ordinary shares (which
may include sales and hedging activities, in addition to purchases which may
take place on any available trading venue or on an over the counter basis)
during the Engagement Period in order to manage its market exposure under the
Programme. Disclosure of such transactions will not be made by JPMS plc as a
result of or as part of the Programme, but JPMS plc will continue to make any
disclosures it is otherwise legally required to make.

 

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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