REG - WPP PLC - Extension of share buyback programme

WPPAnnouncement

08/12/2021 08:00

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RNS Number : 9578U  WPP PLC  08 December 2021

 FOR IMMEDIATE RELEASE  8 December 2021

 

 

 

WPP plc ("WPP" or the "Company")

 

Extension of share buyback programme

 

On 28 October 2021, WPP announced that it had entered into an agreement with
Goldman Sachs International ("Goldman Sachs") in relation to the purchase by
Goldman Sachs of WPP's ordinary shares of 10 pence each ("Ordinary Shares")
for an aggregate purchase price of up to £200m (the "Original Programme").
Ordinary Shares acquired by Goldman Sachs under the Original Programme were to
be simultaneously on-sold by Goldman Sachs to WPP.

As at 7 December 2021, £199m of Ordinary Shares under the Original Programme
had been purchased. On 8 December 2021 WPP entered into a further agreement
with Goldman Sachs in relation to the purchase by Goldman Sachs of Ordinary
Shares for an aggregate purchase price of up to £50m (the "Extended
Programme"). Ordinary Shares acquired by Goldman Sachs under this further
agreement will be simultaneously on-sold by Goldman Sachs to WPP.

The purchase of shares in accordance with the Extended Programme is expected
to commence on or shortly after 8 December 2021 and a further announcement
will be made upon completion. The purpose of the Programme is to reduce the
share capital of WPP.

Any purchase of Ordinary Shares contemplated by this announcement will be
carried out on the London Stock Exchange and/or other trading
venues.(1) WPP's shareholders generally authorised WPP to purchase up to a
maximum of 121,258,871 Ordinary Shares at its 2021 Annual General Meeting
held on 9 June 2021, subject to certain limitations (the "Authority"). The
aggregate number of Ordinary Shares acquired by the Company pursuant to the
Extended Programme shall not exceed the maximum number of Ordinary Shares
which the Company is authorised to purchase pursuant to the Authority. The
Authority expires on the earlier of the date of the Annual General Meeting of
the Company to be held in 2022 and 1 September 2022. The Extended Programme
will be executed in accordance with (and subject to the limits prescribed by)
the Authority and will be conducted within the parameters prescribed by the
Market Abuse Regulation 596/2014/EU (as in force in the UK and as amended by
the Market Abuse (Amendment) (EU Exit) Regulations 2019), the Commission
Delegated Regulation 2016/1052/EU (as in force in the UK and as amended by the
FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019)
and in accordance with Chapter 12 of the UK Listing Rules. Any market
repurchase of Ordinary Shares will be announced no later than 7.30am on the
business day following the calendar day on which the repurchase occurred.

Goldman Sachs will make any disclosures it is legally required to make in
relation to such transactions.

( 1 ) Includes Cboe BXE, Cboe CXE and Turquoise.

 

 

For further information:

 Investors and analysts
 Peregrine Riviere         +44 7909 907193
 Fran Butera (US)          +1 914 484 1198

 Media
 Chris Wade, WPP           +44 (0)20 7282 4600
 Richard Oldworth,         +44 20 7466 5000

Buchanan Communications

                           +44 7710 130 634

 

About WPP

WPP is a creative transformation company. We use the power of creativity to
build better futures for our people, planet, clients and communities. For more
information, visit www.wpp.com.

 

ENDS

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