REG - SSE Plc - Non-Discretionary Share Buyback Programme

SSEAnnouncement

28/09/2022 07:00

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RNS Number : 9149A  SSE PLC  28 September 2022

SSE Plc

Non-Discretionary Share Buyback Programme

SSE plc (the 'Company') confirmed on 30 August 2022 that it would initiate a
£125m share buyback programme in line with its strategy to cap the scrip
dividend option at 25% of investor take-up.  This share buyback programme is
being undertaken solely in order to honour SSE's existing commitment to cap
scrip dividend take-up at 25%. SSE is currently investing at record levels,
ahead of profits, and has committed to reinvesting any additional profits
derived from market variability directly back into energy infrastructure that
will help tackle the underlying cause of the current energy crisis. In
November 2021, SSE set out a lower, rebased dividend plan from 2023/24 as it
prioritised growth and investment. Its current plans could see it invest
£25bn in the UK and Ireland alone by the end of the decade, assuming a
continued supportive policy environment.

In line with this, the Company announces that it has instructed both Credit
Suisse International ('Credit Suisse') and Morgan Stanley & Co.
International plc ('Morgan Stanley') in relation to an irrevocable
non-discretionary programme to repurchase its ordinary shares for cancellation
(the 'Programme'). The Programme will not exceed 6,904,083 ordinary shares,
and the maximum pecuniary amount allocated to it is £125,000,000 (excluding
expenses).  The end date for the Programme will be the earlier of: when one
of the aforementioned parameters are achieved; or 31 December 2022.  The
first half of the Programme will be executed by Credit Suisse and the second
half will be executed by Morgan Stanley.

Any share purchases under the Programme will be effected within certain
pre-set parameters, and in accordance with the Company's share buyback
authority granted by shareholders at the Company's Annual General Meeting on
21 July 2022 (being up to 106,767,170 shares), the Market Abuse Regulation
(596/2014) as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as supplemented by the Market Abuse (Amendment) (EU
Exit) Regulations SI2019/310 and 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 including as it forms part of UK domestic law by virtue
of the European Union (Withdrawal) Act 2018 (as amended by the Financial
Conduct Authority's Technical Standards (Market Abuse Regulation) (EU Exit)
Instrument 2019) and Chapter 12 of the UK Listing Rules. The Company
confirms that it currently has no inside information.

 

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