REG - Centrica PLC - Update on Share Buyback Extension

CentricaAnnouncement

27/12/2024 07:00

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RNS Number : 3440R  Centrica PLC  27 December 2024

Centrica plc

27 December 2024

Update on Share Buyback Extension

In its Trading Update on 10 December 2024, Centrica plc (the "Company")
announced a £300 million extension (the "2024-25 Extension") of the
Company's share repurchase programme to be completed by the end of September
2025.

The Company today announces the commencement of the 2024-25 Extension which is
to be conducted over the next 9 months from 27 December 2024 to 26 September
2025 to buy back ordinary shares of 6  pence each (the "Shares") up to an
aggregate maximum consideration of up to £300 million (exclusive of
associated fees, expenses and stamp duty), representing an amount equal to the
aggregate value of approximately 4.6% of the Company's issued share capital at
the share price as at close of business on 24 December 2024.

On 27 December 2024, the Company has entered into separate non-discretionary
agreements with Goldman Sachs International ("Goldman Sachs") and Merrill
Lynch International ("Merrill Lynch") (both acting as riskless principal) to
conduct the share repurchases on its behalf and to make trading decisions
independently of the Company in respect of the 2024-25 Extension.

Goldman Sachs will conduct the repurchase of the Shares for a period
commencing on (and including) 27 December 2024 and ending no later than 28
February 2025 up to an aggregate maximum consideration of £30 million. i 
(#_edn1) Once this is completed, Merrill Lynch will conduct the repurchase of
the Shares for a period commencing on (and including) 3 March 2025 and ending
no later than 26 September 2025 up to an aggregate maximum consideration of
£270 million.

In each case, the aggregate maximum consideration is exclusive of associated
fees, expenses and stamp duty.

Goldman Sachs and Merrill Lynch may effect purchases of Shares under
the 2024-25 Extension on the London Stock Exchange and/or other trading
venues ii  (#_edn2)  for subsequent purchase by the Company. Purchases by the
Company will be treated as being made on the London Stock Exchange. The
Company intends that any Shares purchased will be (i) cancelled; (ii) held in
treasury pending their cancellation; or (iii) held in treasury pending their
transfer out of treasury to satisfy obligations arising from awards and
options granted to employees under the Company's employee share plans.

The purpose of the 2024-25 Extension is to reduce the capital of the Company.

Any Share purchases will be carried out in accordance with certain pre-set
parameters. The maximum number of Shares which may be purchased by the Company
under the 2024-25 Extension is 536,039,506 (which is the maximum pursuant to
the authority granted by shareholders at the Company's Annual General Meeting
held on 5 June 2024) less the number of Shares purchased (and to be purchased)
by the Company pursuant to the share buyback programme announced on 8 August
2024, taken together with such number of Shares under any subsequent authority
to repurchase Shares as may be granted by the Company's shareholders at its
next Annual General Meeting.

The 2024-25 Extension will be conducted within the parameters prescribed by
the Market Abuse Regulation 596/2014/EU (as in force in the UK and as
amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the
Commission Delegated Regulation 2016/1052/EU (as in force in the UK and as
amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit)
Instrument 2019) and in accordance with Chapter 9 of the UK Listing Rules.
No repurchases will be made in respect of the Company's American Depositary
Receipts.

The Company will make further announcements in due course following any buy
back of Shares. There is no guarantee that the 2024-25 Extension will be
implemented in full or that any shares will be bought back by the Company.

 

Enquiries

Investors and Analysts

T: 01753 494900

E: ir@centrica.com

Media

T: 01784 843000

E: media@centrica.com

 

Centrica plc is listed on the London Stock Exchange (CNA)

Registered Office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD

Registered in England & Wales number: 3033654

Legal Entity Identifier number: E26EDV109X6EEPBKVH76

ISIN number: GB00B033F229

 i  (#_ednref1)   This is separate from the share repurchases currently being
conducted by Goldman Sachs (acting as riskless principal) up to an aggregate
maximum consideration of £200 million ending no later than 28 February 2025,
which was announced by the Company on 8 August 2024.

 ii  (#_ednref2) CBOE Europe Limited (CBOE UK), Turquoise or Aquis

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