REG - WPP PLC - Share buyback programme

WPPAnnouncement

08/09/2022 08:00

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RNS Number : 6882Y  WPP PLC  08 September 2022

FOR IMMEDIATE RELEASE
                                    8
September 2022

WPP plc ("WPP")

Share buyback programme

WPP announces that it has today entered into a non-discretionary agreement
with Citigroup Global Markets Limited ("Citi") in relation to the purchase by
Citi, acting as riskless principal, of WPP's ordinary shares of 10
pence each ("Ordinary Shares") for an aggregate purchase price of up
to £170m (the "Programme"). Ordinary Shares acquired by Citi under the
agreement will be simultaneously on-sold by Citi to WPP. The purchase of
shares in accordance with the Programme will take place during the period
commencing 8 September 2022 and ending no later than 31 December 2022. 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) and
will be effected within certain pre-set parameters. WPP's shareholders
generally authorised WPP to purchase up to a maximum of 112,249,376 Ordinary
Shares at its 2022 Annual General Meeting held on 24 May 2022, subject to
certain limitations, and a resolution to renew this authority is expected to
be put to WPP's 2023 Annual General Meeting in the ordinary course (such
authority, as amended or renewed from time to time, the "Authority"). The
aggregate number of Ordinary Shares acquired by WPP pursuant to the Programme
shall not exceed the maximum number of Ordinary Shares which WPP is authorised
to purchase pursuant to the Authority. The current Authority expires on the
earlier of the date of the Annual General Meeting of WPP to be held in 2023
and 1 September 2023. The 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.

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

( 1 ) Cboe BXE, Cboe CXE and Turquoise.

 

Balbir Kelly-Bisla

Company Secretary

 

 

For further information:

 Investors and analysts
 Anthony Hamilton          +44 (0)7464 532 903
 Media
 Chris Wade, WPP           +44 (0)20 7282 4600
 Richard Oldworth,         +44 (0)20 7466 5000

Buchanan Communications
+44 (0)7710 130 634

About WPP

WPP is the 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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