REG - Kerry Group PLC - Kerry Announces €300m Share Buyback Programme

KerryAnnouncement

03/05/2024 12:15

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RNS Number : 2160N  Kerry Group PLC  03 May 2024

 

3 May 2024

LEI: 635400TLVVBNXLFHWC59

 

KERRY GROUP PLC

Regulatory Announcement

KERRY GROUP PLC ANNOUNCES €300m SHARE BUYBACK PROGRAMME

On 2 May 2024, Kerry Group plc ("Kerry" or the "Company") announced its
intention to launch a new share buyback programme of up to €300 million (the
"Buyback Programme"). The Buyback Programme is underpinned by the Group's
strong balance sheet and cash flow and is aligned to Kerry's Capital
Allocation Framework.

Kerry announces that, pursuant to the Buyback Programme, it has entered into
non-discretionary instructions with Goldman Sachs International and J&E
Davy (the "Banks") to purchase up to €300 million of Kerry's A Ordinary
Shares of €0.125 each (the "Shares") on its behalf, and to make trading
decisions under the Buyback Programme independently of Kerry in accordance
with certain pre-set parameters.

The Buyback Programme will commence on 7 May 2024 and will end no later than
19 December 2024. All Shares will be purchased by the Banks on the Company's
behalf (on a riskless principal basis) on Euronext Dublin for subsequent
repurchase by the Company on Euronext Dublin or the London Stock Exchange.

The purpose of the Buyback Programme is to reduce the share capital of the
Company and as such, the Company will cancel any Shares repurchased.

The Buyback Programme will be carried out within certain pre-set parameters
and within the limitations of the authority granted at Kerry's Annual General
Meeting on 2 May 2024 and any renewal of that authority. The maximum number of
Shares that may be purchased under the Buyback Programme is 17,347,949 Shares.

The Buyback Programme will be conducted in accordance with the relevant
provisions of the Market Abuse Regulation 596/2014/EU ("MAR" and including MAR
as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019) and the Commission Delegated Regulation (EU) 2016/1052
(including as in force in the UK and as amended by the FCA's Technical
Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) as well as the
rules of the Central Bank of Ireland.

Any repurchase of Shares will be announced no later than 7:30 am on the
business day following the calendar day on which the repurchase occurred.

 

     CONTACT INFORMATION

     Group Secretary
     Ronan Deasy
     +353 66 7182000 | GroupCoSec@kerry.ie

     Website
     www.kerry.com

 

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