REG - NatWest Group plc - Commencement of On Market Share Buyback Programme

NatwestAnnouncement

19/02/2024 09:15

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RNS Number : 6110D  NatWest Group plc  19 February 2024

 

NatWest Group plc

19 February 2024

Commencement of On Market Share Buyback Programme

NatWest Group plc (the "Company") announces the commencement of its programme
to buy back ordinary shares in the Company with a nominal value of £1.0769*
each ("Ordinary Shares").

On 16 February 2024, the Company announced its full year results and a share
buyback programme (the "2024 Programme") of up to £300 million.  The 2024
Programme will commence on 19 February 2024 and will end no later than 18 July
2024, provided that the term of the 2024 Programme may be extended to end no
later than 15 August 2024 to account for any days where usual trading has not
been possible because of market events during the term of the 2024 Programme.

The 2024 Programme, the purpose of which is to reduce the Company's issued
share capital, will take place within the limitations of the authority granted
by shareholders to the Board of the Company at its Annual General Meeting,
held on 25 April 2023 (the "2023 Authority").

 

The maximum number of Ordinary Shares that can be purchased by NWG under the
2024 Programme is 696,743,990**.

The Company has entered into non-discretionary instructions with UBS AG,
London Branch to conduct the Programme on its behalf and to make trading
decisions under the Programme independently of the Company.

The Company intends to cancel the repurchased Ordinary Shares.

 

* The nominal value of Ordinary Shares without rounding is £1.076923076923077
per share.

** This number reflects the impact on the 2023 Authority of the reduction in
issued share capital following the off-market buyback announced on 22 May
2023. It is further reduced by the number of shares purchased to date by the
Company under the ongoing share buyback programme announced on 31 July 2023
(the "2023 Programme").This number does not take into account further
purchases of Ordinary Shares which (i) may have taken place but have not, at
the date of this announcement, settled under the 2023 Programme or (ii) may
take place under the 2023 Programme between the date of this announcement and
the conclusion of the 2023 Programme. These remaining purchases under the 2023
Programme may occur whilst purchases are taking place under the 2024
Programme.

 

 

Further information:

 

Investor Relations

+ 44 (0)207 672 1758

 

Media Relations

+44 (0)131 523 4205

 

Legal Entity Identifier: 2138005O9XJIJN4JPN90

 

Disclaimer

This announcement is for information purposes only and does not constitute or
form a part of an offer to sell or a solicitation of an offer to purchase, or
the solicitation to sell, any securities of the Company.

 

Forward-looking statements

This announcement may include forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995, such as
statements that include, without limitation, the words 'expect', 'estimate',
'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'will',
'plan', 'could', 'probability', 'risk', 'Value-at-Risk (VaR)', 'target',
'goal', 'objective', 'may', 'endeavour', 'outlook', 'optimistic', 'prospects'
and similar expressions or variations on these expressions. These statements
concern or may affect future matters, such as NatWest Group's future economic
results, business plans and strategies.  In particular, this announcement may
include forward-looking statements relating to NatWest Group plc in respect
of, but not limited to: its economic and political risks, its financial
position, profitability and financial performance (including financial,
capital, cost savings and operational targets), the implementation of its
strategy, its climate and sustainability-related targets, increasing
competition from incumbents, challengers and new entrants and disruptive
technologies, its access to adequate sources of liquidity and funding, its
regulatory capital position and related requirements, its exposure to third
party risks, its ongoing compliance with the UK ring-fencing regime and
ensuring operational continuity in resolution, its impairment losses and
credit exposures under certain specified scenarios, substantial regulation and
oversight, ongoing legal, regulatory and governmental actions and
investigations, and NatWest Group's exposure to operational risk, conduct
risk, cyber, data and IT risk, financial crime risk, key person risk and
credit rating risk. Forward-looking statements are subject to a number of
risks and uncertainties that might cause actual results and performance to
differ materially from any expected future results or performance expressed or
implied by the forward-looking statements. Factors that could cause or
contribute to differences in current expectations include, but are not limited
to, future growth initiatives (including acquisitions, joint ventures and
strategic partnerships), the outcome of legal, regulatory and governmental
actions and investigations, the level and extent of future impairments and
write-downs, legislative, political, fiscal and regulatory developments,
accounting standards, competitive conditions, technological developments,
interest and exchange rate fluctuations, general economic and political
conditions and the impact of climate-related risks and the transitioning to a
net zero economy. These and other factors, risks and uncertainties that may
impact any forward-looking statement or NatWest Group plc's actual results are
discussed in NatWest Group plc's 2023 Annual Report on Form 20-F, and its
other public filings. The forward-looking statements contained in this
announcement speak only as of the date of this announcement and NatWest Group
plc does not assume or undertake any obligation or responsibility to update
any of the forward-looking statements contained in this announcement, whether
as a result of new information, future events or otherwise, except to the
extent legally required.

No Purchases in the United States and No Purchases of American Depositary
Receipts ("ADRs")

Purchases of Ordinary Shares under the Programme will be made outside the
United States only. There will be no purchases of Ordinary Shares from within
the United States or from persons known to be located in the United States,
and there will be no purchases of the Company's ADRs under the Programme.

 

 

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