REG - Centrica PLC - Update on Share Buyback Extension

CentricaAnnouncement

08/05/2025 09:45

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RNS Number : 8778H  Centrica PLC  08 May 2025

 

Centrica plc

 

 

Update on Share Buyback Extension

 

In its 2024 Preliminary Results on 20 February 2025, the Company announced a
further £500 million extension of the Company's share buyback programme, to
be completed by around the end of 2025 (the "2025 Extension"), taking the
total programme to £2.0bn.

 

The Company today announces the entry into an irrevocable arrangement with
Goldman Sachs International ("Goldman Sachs") (acting as riskless principal)
to conduct the repurchases in respect of the first £250 million tranche of
the 2025 Extension (the "First Tranche") on its behalf and to make trading
decisions in respect of the First Tranche independently of the Company.

 

Repurchases in respect of the First Tranche will be conducted from 16 June
2025 to no later than 19 September 2025 to buy back ordinary shares of
6 (14)/(81) pence each (the "Shares") up to an aggregate maximum
consideration of up to £250 million (exclusive of associated fees, expenses
and stamp duty), representing an amount equal to the aggregate value of
approximately 3% of the Company's issued share capital at the share price as
at close of business on 7 May 2025.

 

Goldman Sachs International may effect purchases of shares under the First
Tranche on the London Stock Exchange and/or other trading venues 1  (#_ftn1)
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 cancelled, held in treasury, or used for the
purposes of employee share schemes.

 

The purpose of the 2025 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 ordinary shares which may be purchased by
the Company under the First Tranche 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 programmes
announced on 8 August 2024 and 27 December 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 the Company's Annual General Meeting
to be held on 8 May 2025.

 

The First Tranche 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
repurchase of shares. There is no guarantee that the First Tranche will be
implemented in full or that any shares will be bought back by the Company.

 

Enquiries:

Investors and Analysts

E: ir@centrica.com

 

Media

T: 01784 843000

E: media@centrica.com

 

 

END

 

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

 1  (#_ftnref1) CBOE Europe Limited (CBOE UK), Turquoise or Aquis

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