REG - Drax Group Plc - Share Buyback Programme

DraxAnnouncement

28/02/2025 07:00

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RNS Number : 7901Y  Drax Group PLC  28 February 2025

28 February 2025

 

DRAX GROUP PLC

(Symbol: DRX)

 

Share Buyback Programme

 

On 22 October 2024, Drax Group plc (the "Company") announced that in
connection with the up to £300 million share buyback programme announced
on 26 July 2024 to purchase ordinary shares of 11 16/29 pence each in the
Company (the "Programme"), it was commencing the second tranche of the
Programme up to a maximum consideration of £75 million (the "Second
Tranche"). As at 27 February 2025, the Company had repurchased a total of
23,369,775 shares for a consideration of c.£150 million in aggregate across
the First and Second Tranche.

 

The Company is today confirming that the third tranche of the Programme to
purchase ordinary shares in the Company up to a maximum consideration of £75
million (the "Third Tranche") is expected to commence on the conclusion of the
Second Tranche.

 

The purpose of the Third Tranche is to reduce the Company's share capital. The
ordinary shares purchased by the Company will be held in treasury pending
cancellation or re-issue.

 

Ordinary share purchases as part of the Third Tranche will take place in open
market transactions and may be made from time to time depending on market
conditions, share price and trading volumes. The maximum number of shares that
may be repurchased by the Company under the remainder of the Second Tranche
and Third Tranche of the Programme is 15,098,482 being the number of shares
the Company is authorised to purchase pursuant to the authority granted by
shareholders at the AGM on 25 April 2024 less the shares acquired under the
First and Second Tranches. The Company expects the required authority will be
renewed at the AGM to be held on 1 May 2025.

 

The Company has entered into a non-discretionary agreement with RBC Europe
Limited ("RBC") pursuant to which it has issued irrevocable instructions to
RBC to conduct the Third Tranche of the Programme. RBC will carry out the
Third Tranche of the Programme through the acquisition of ordinary shares in
the Company within certain pre-defined parameters for subsequent repurchase by
the Company. Any purchase of ordinary shares in the Company will be conducted
within the parameters prescribed by the Market Abuse Regulation 596/2014 and
the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the
UK, from time to time, including, where relevant, pursuant to the UK's
European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU
Exit) Regulations 2019) as well as applicable laws and the regulations of the
UK Financial Conduct Authority (including Chapter 9 of the UK Listing Rules).

 

The Company will make further announcements in due course following the
buyback of shares. Note there is no guarantee that the Programme will be
implemented in full.

 

Capitalised terms relate to the Company's announcements on 7 August 2024 and
22 October 2024 unless specified otherwise.

 

Enquiries:

Drax Investor Relations: Mark Strafford

+44 (0) 7730 763 949

 

Media:

Drax External Communications: Andy Low

+44 (0) 7841 068 415

 

RBC Europe Limited:

James Agnew / Jack Wood

+44 (0) 20 7404 5959

 

Website: www.drax.com (http://www.drax.com)

 

END

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