REG - Reckitt Benckiser Gp - Share Buyback Programme - Third Tranche

Reckitt BenckiserAnnouncement

27/03/2024 07:00

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RNS Number : 4220I  Reckitt Benckiser Group PLC  27 March 2024

SHARE BUYBACK PROGRAMME - THIRD TRANCHE

 

On 25 October 2023, Reckitt Benckiser Group plc ("Reckitt" or the "Company")
announced a £1billion share buyback programme (the "Programme"), the purpose
of which is to reduce the share capital of the Company.

 

On 30 October 2023, the Company announced commencement of the first tranche of
this Programme to return up to £250 million of capital to shareholders (the
"First Tranche") which completed on 30 January 2024. On 31 January 2024,
Reckitt announced commencement of the second tranche of this Programme as of 1
February 2024 to return up to a further £250 million of capital to
shareholders (the "Second Tranche").

 

Reckitt today announces its intention to commence a third and final tranche of
the Programme (the "Third Tranche") which will return a further up to £500
million of capital to shareholders. The Third Tranche will commence two days
after the completion of the Second Tranche (anticipated to be during April
2024) and the Third Tranche is anticipated to end during July
2024.

 

Reckitt announces that, in connection with the Third Tranche, it has entered
into an agreement with Morgan Stanley & Co. International Plc ("Morgan
Stanley") under which it has issued an instruction to Morgan Stanley to manage
the Third Tranche of the Programme.  Morgan Stanley will, acting as riskless
principal, purchase Ordinary Shares for an aggregate purchase price of no
greater than £500 million and will simultaneously sell such Ordinary Shares
on to the Company.

 

Any purchase of Ordinary Shares in relation to this announcement will be
carried out on the London Stock Exchange and Multilateral Trading Facilities,
as defined by the Directive 2014/65/EU on markets in financial instruments
(including the delegated and implementing acts adopted under it) as
implemented, retained, amended, extended, re-enacted or otherwise given effect
in the United Kingdom from 1 January 2021 and as amended or supplemented in
the United Kingdom thereafter, and executed in accordance with the Listing
Rules and Reckitt's general authority to make market purchases of Ordinary
Shares. The shares will be purchased in accordance with the price and volume
conditions set out in the Commission Delegated Regulation (EU) 2016/1052 of 8
March 2016 supplementing Regulation (EU) No 596/2014 of the European
Parliament and of the Council with regard to regulatory technical standards
for the conditions applicable to buyback programmes and stabilisation measures
as implemented, retained, amended, extended, re-enacted or otherwise given
effect in the United Kingdom from 1 January 2021 and as amended or
supplemented in the United Kingdom thereafter.

 

Reckitt will issue a further announcement upon the commencement of the Third
Tranche and will announce any market repurchase of Ordinary Shares no later
than 7.30 a.m. on the business day following the calendar day on which the
repurchase occurred. To the extent permitted by law, Ordinary Shares purchased
under the Third Tranche of the Programme will be held in treasury. For the
avoidance of doubt, no repurchases will be made in respect of the Company's
American Depository Receipts.

 

The acceleration of our share buyback programme reflects the Board's
confidence in the continued strong free cashflow generation of Reckitt and its
framework for enduring value creation, as set out in the strategic update in
October last year.

 

This announcement does not constitute, or form part of, an offer or any
solicitation of an offer for securities in any jurisdiction.

 

CONTACT DETAILS:

 

Contacts

 

Richard Joyce
 
+44 (0)7807 418516

Investor Relations

 

Catheryn O'Rourke
 
+44 (0) 1753 217 800

General Counsel & Company Secretary

 

 

About Reckitt:

 

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a
cleaner, healthier world. We believe that access to the highest-quality
hygiene, wellness and nourishment is a right, not a privilege.

 

Reckitt is the company behind some of the world's most recognisable and
trusted consumer brands in hygiene, health and nutrition, including Air Wick,
Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon,
Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet,
Woolite and more.

 

Every day, more than 20 million Reckitt products are bought globally. We
always put consumers and people first, seek out new opportunities, strive for
excellence in all that we do and build shared success with all our partners.
We aim to do the right thing, always.

 

We are a diverse global team of c. 40,000 colleagues. We draw on our
collective energy to meet our ambitions of purpose-led brands, a healthier
planet and a fairer society.  Find out more, or get in touch with us
at www.reckitt.com (http://www.reckitt.com/)

 

* Reckitt is the trading name of the Reckitt Benckiser group of companies

 

Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108

 

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