REG - Glencore PLC - 2025/2026 Share buy-back programme

GlencoreAnnouncement

Mon 07:00

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RNS Number : 8705P  Glencore PLC  07 July 2025

 

 

Glencore plc

Baar, Switzerland

7 July 2025

 

2025/2026 Share buy-back programme

 

Glencore plc (the "Company") announces the commencement of a programme to make
market purchases of its ordinary shares (the "Shares") of an aggregate value
of up to USD 1 billion (the "Programme"), subject to market conditions, with
completion planned to be by the time of the release of our financial results
for the 2025 year in February 2026.

The Programme will be effected in accordance with the terms of the authority
granted by shareholders at the 2025 AGM, to acquire no more than 1,809,287,297
Shares (of which 41,121,000 have already been purchased). The Programme's
purpose is to reduce the capital of the Company. It is currently intended that
any Shares purchased will be held in treasury.

The Company has entered into an agreement with UBS AG, London Branch (the
"Bank") to conduct the Programme, under which trading decisions may be
undertaken by the Bank in accordance with the directions of the Company. If
the Company is unable to do so, the Bank is mandated to make trading decisions
concerning purchases under the Programme independently of the Company.

The Bank may undertake transactions in the Shares (which may include sales as
well as purchases and may include participation in block purchases) in order
to meet its obligations pursuant to its agreement with the Company.

The implementation of the Programme is in line with the Company's stated
financial policies and thresholds.

Any buy-back of the Shares pursuant to the Programme will be effected in
accordance with Chapter 9 of the UK Listing Rules as well as the EU Market
Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU)
2016/1052 (as they form part of UK law by virtue of the European Union
(Withdrawal) Act 2018 (as amended)).

The market will be notified in accordance with those rules when purchases are
made.

As described in the Company's notice of AGM published in April 2025, the
Company continues to progress alternative buy-back programme structures in
order to preserve its capital contribution reserves and mitigate the future
effect of Swiss withholding tax charges on distributions and buybacks. It
expects to be able to provide an update during this month or next month. If a
suitable alternative buy-back programme structure is finalised, then subject
to receiving the necessary approvals, the Company would amend the remaining
portion of the Programme so that it continues to operate under that structure.

For further information please contact:

 Investors
 Martin Fewings       t: +41 41 709 28 80  m: +41 79 737 56 42  martin.fewings@glencore.com
 Media
 Charles Watenphul    t: +41 41 709 24 62  m: +41 79 904 33 20  charles.watenphul@glencore.com

 Company Secretarial
 John Burton          t: +41 41 709 26 19  m: +41 79 944 54 34  john.burton@glencore.com

www.glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world's largest global diversified natural resource
companies and a major producer and marketer of more than 60 commodities that
advance everyday life. Through a network of assets, customers and suppliers
that spans the globe, we produce, process, recycle, source, market and
distribute the commodities that support decarbonisation while meeting the
energy needs of today.

 

With over 150,000 employees and contractors and a strong footprint in over 30
countries in both established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global network of more
than 50 offices.

 

Glencore's customers are industrial consumers, such as those in the
automotive, steel, power generation, battery manufacturing and oil sectors. We
also provide financing, logistics and other services to producers and
consumers of commodities.

 

Glencore is proud to be a member of the Voluntary Principles on Security and
Human Rights and the International Council on Mining and Metals. We are an
active participant in the Extractive Industries Transparency Initiative.

 

We will support the global effort to achieve the goals of the Paris Agreement
through our efforts to decarbonise our own operational footprint. For more
information see our 2024-2026 Climate Action Transition Plan, available on our
website at glencore.com/publications.

 

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Important Information

This material does not purport to contain all of the information you may wish
to consider. For further important information, including in connection with
forward-looking statements and other cautionary information, refer to the
Important notice section of Glencore's 2024 Annual Report, which is available
at glencore.com/publications. This document does not constitute or form part
of any offer or invitation to sell or issue, or any solicitation of any offer
to purchase or subscribe for any securities.

 

Other information
The companies in which Glencore plc directly and indirectly has an interest
are separate and distinct legal entities. In this document, "Glencore",
"Glencore group" and "Group" are used for convenience only where references
are made to Glencore plc and its subsidiaries in general. These collective
expressions are used for ease of reference only and do not imply any other
relationship between the companies. Likewise, the words "we", "us" and "our"
are also used to refer collectively to members of the Group or to those who
work for them. These expressions are also used where no useful purpose is
served by identifying the particular company or companies.

 

 

 

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