REG - Greencore Group PLC - Launch of Share Buyback Programme

GreencoreAnnouncement

03/12/2024 07:15

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RNS Number : 5066O  Greencore Group PLC  03 December 2024

3 December 2024

 

Greencore Group plc ('Greencore' or the 'Group' or the 'Company'), a FTSE 250
leading manufacturer of convenience foods in the UK, announces its intention
to commence a share buyback programme ('Programme') with an aggregate value of
up to £10 million. The Programme follows the return of £40 million to
shareholders by way of a share buyback between May and November 2024.

Greencore has entered into an agreement with Shore Capital Stockbrokers
Limited ('Shore Capital') pursuant to which Shore Capital will carry out
on-market purchases of Ordinary Shares in the capital of the Company (the
'Shares') independent of the Company on an irrevocable and non-discretionary
basis. Shore Capital will make its trading decisions in relation to the
Programme independently of the Group.

The maximum price paid per Share (exclusive of expenses) will be no more than
the higher of: (i) 5% above the average of the middle market quotations taken
from the London Stock Exchange Daily Official List for the five business days
preceding any Ordinary Shares being purchased; and (ii) the higher of the
price of the last independent trade and the highest independent bid for
Ordinary Shares on the trading venue where the purchase is carried out. The
minimum price shall be no less than (exclusive of expenses) a price of £0.01
pence per Share, being the nominal value of a Share.

The Programme will commence today, 3 December 2024, and will end no later than
30 April 2024 unless completed or terminated earlier. Under the terms of the
Programme, the Shares will be repurchased on the London Stock Exchange and
will be cancelled.

The maximum number of Shares which can be repurchased under the Programme is
19,894,982.  The purpose of the programme is to reduce the share capital of
the Company in line with this announcement. The Programme will be conducted at
all times within the limits of the applicable authority granted by
shareholders to repurchase the Company's Ordinary Shares in issue.

Shareholders should be aware that the programme will, insofar as is possible,
be conducted in accordance with the safe harbour parameters of the Market
Abuse Regulation (Regulation (EU) No 596/2014) and the Commission Delegated
Regulation (EU) 2016/1052 (as incorporated into UK domestic law by virtue of
the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment)
(EU Exit) Regulations 2019)('MAR') as well as the applicable laws and
regulations of the UK Financial Conduct Authority. The Programme will be
effected in accordance with Chapter 12 of the rules of the Financial Conduct
Authority.

However, Shares acquired pursuant to the Programme may on any given trading
day represent a significant proportion of the daily trading volume in the
Shares on the London Stock Exchange and could exceed 25% of the average daily
trading volume. On days where a buyback of shares exceeds 25% of the average
daily trading volume, the Company will not benefit from the exemption
contained in Article 5(1) in the UK version of MAR. Furthermore, the Programme
will not prevent the Company from making additional purchases of Shares,
including by way of block trades, in accordance with the Company's general
authority to repurchase Ordinary Shares where it considers appropriate to do
so.

Any market purchase of Ordinary Shares pursuant to the Programme will be
announced no later than 7.30am on the business day following the day on which
the purchase occurred.

For further information, please contact:

 Damien Moynagh    General Counsel & Company Secretary      Tel: +353 (0) 1 605 1000
 Curtis Armstrong  Finance Director - FP&A and IR           Tel: +44 (0) 1246 384649
 Jonathan Neilan   FTI Consulting                           Tel: +353 (0) 86 231 4135
 Nick Hasell       FTI Consulting                           Tel: +44 (0) 203 727 1340

About Greencore

We are a leading manufacturer of convenience food in the UK and our purpose is
to make every day taste better. To help us achieve this we have a model called
The Greencore Way, which is built on the differentiators of People at the
Core, Great Food, Excellence and Sustainability - The Greencore Way describes
both who we are and how we will succeed.

We supply all of the major supermarkets in the UK. We also supply convenience
and travel retail outlets, discounters, coffee shops, foodservice and other
retailers. We have strong market positions in a range of categories including
sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled
soups and sauces, chilled quiche, ambient sauces, pickles and frozen Yorkshire
Puddings.

In FY24 we manufactured 748m sandwiches and other food to go products, 125m
chilled ready meals, and 204m bottles of cooking sauces, dips and table
sauces. We carry out more than 10,500 direct to store deliveries each day. We
have 16 world-class manufacturing sites and 17 distribution centres in the UK,
with industry-leading technology and supply chain capabilities. We generated
revenues of £1.8bn in FY24 and employ c.13,300 people. We are headquartered
in Dublin, Ireland.

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