REG - Compass Group PLC - Share Buyback Programme

CompassAnnouncement

24/07/2023 07:00

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RNS Number : 8761G  Compass Group PLC  24 July 2023

Legal Entity Identifier (LEI) No. 2138008M6MH9OZ6U2T68

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN
OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR INVITATION TO PURCHASE ANY
SECURITIES IN ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR APPROVAL.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE
OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

 

 

SHARE BUYBACK PROGRAMME

 

Compass Group PLC (the "Company") announces that on 21 July 2023 it entered
into a non-discretionary agreement with Barclays Capital Securities Limited
("Barclays") to enable the purchase of up to £500 million of the Company's
ordinary shares of 11 1/20 pence each ("Ordinary Shares") between 24 July 2023
and 14 November 2023.  This follows the successful completion of a £250
million non-discretionary programme on 3 July 2023. Both programmes form the
Company's £750 million share buyback programme announced with its half year
results on 10 May 2023 (the "Programme").

 

The purpose of the Programme is to reduce the share capital of the Company by
returning surplus capital to shareholders.

 

The Programme will be conducted within certain pre-set parameters. The
Company's shareholders generally authorised it to purchase up to a maximum of
175,720,000 Ordinary Shares at its 2023 Annual General Meeting held on 9
February 2023, subject to certain limitations (the "General Authority"). The
aggregate number of Ordinary Shares acquired by the Company pursuant to the
Programme shall not exceed the maximum number of Ordinary Shares which the
Company is authorised to purchase pursuant to the General Authority.

 

Barclays will make its trading decisions in relation to the Company's Ordinary
Shares independently of, and uninfluenced by, the Company. In accordance with
the General Authority, purchases of Ordinary Shares pursuant to the Programme
may be conducted on any appropriate regulated stock market but will be on-sold
by Barclays to the Company on the London Stock Exchange.

 

In addition to compliance with the terms of the General Authority, the
Programme will also be conducted within the parameters prescribed by the
Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as in force in the
UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019),
the Commission Delegated Regulation (EU) 2016/1052 (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 12 of the UK Listing
Rules.

 

All Ordinary Shares purchased will be held in treasury and are expected to be
used to meet obligations arising from employee share schemes, or other
allocations of shares, to employees or directors. No purchases will be made in
respect of the Company's American Depositary Receipts.

 

Enquiries

 

 Investors:  Agatha Donnelly & Helen Javanshiri      +44 (0) 1932 573 000
 Press:      Giles Robinson                          +44 (0) 1932 963 486
 Website:    www.compass-group.com

 

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