REG - SSE Plc - Non-Discretionary Share Buyback Programme

SSEAnnouncement

30/09/2024 10:15

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RNS Number : 2321G  SSE PLC  30 September 2024

 

SSE PLC

Non-Discretionary Share Buyback Programme

 

 

As previously announced on 29 August 2024, SSE plc (the "Company" or
"SSE") has today commenced a programme to repurchase ordinary shares up to a
maximum amount of £75,000,000 (the "Buyback"). The Buyback is being
undertaken solely in order to honour SSE's commitment to cap scrip dividend
take-up at 25% in respect of the financial year ended 31 March 2024, in line
with the Company's long-standing dividend plan to 2026/27.

 

The Company has provided irrevocable, non-discretionary instructions to UBS AG
London Branch ("UBS") in relation to the Buyback, which commences today, 30
September 2024 and ends no later than 12 November 2024 (the "Programme"). UBS
will act as principal for the simultaneous on-sale of such shares to the
Company and will make its trading decisions concerning the timing of the
purchases of the Company's ordinary shares independently of the Company.

 

The Programme will not exceed 3,806,487 ordinary shares, and the maximum
pecuniary amount allocated to it is £75,000,000 (excluding expenses). The
repurchased ordinary shares will be held in treasury pending their
cancellation or re-issue in due course.

 

Any acquisitions under the Programme will be carried out within certain
pre-set parameters, and in accordance with the Company's general authority to
repurchase ordinary shares granted by shareholders at the Company's Annual
General Meeting on 18 July 2024 (being up to 109,345,335 ordinary shares),
Chapter 9 of the Financial Conduct Authority's UK Listing Rules, the Market
Abuse Regulation (596/2014) as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 and as amended (including by the
Market Abuse (Amendment) (EU Exit) Regulations 2019) ("MAR") 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
buy-back programmes and stabilisation measures as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 and as amended
(including by the Technical Standards (Market Abuse Regulation) (EU Exit)
Instrument 2019). The Company confirms that it currently has no unpublished
inside information.

 

 

 

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)
 Media      SSE Media               media@sse.com (mailto:media@sse.com)

 

 

 

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