Business
Commencement of Share Buyback
Commencement of Share Buyback.
About this update from Centrica Plc
[{"type":"text","content":"\n\n \nCentrica plc\n \n \nCommencement of next tranche of share buyback\n \nIn line with the capital allocation framework laid out in July 2023, and as part of its ongoing commitment to return surplus capital to shareholders, Centrica plc (the \"Company\") announces the commencement of the next £250 million tranche of its £1 billion share repurchase programme.\n \nSince 15 November 2022 the Company has repurchased approximately £750 million of its ordinary shares. Execution of the tranche announced today (the \"Second Tranche\") of the £450 million share repurchase programme extension (the \"2023-2024 Programme\"), which was announced on 27 July 2023, will take the total amount of ordinary shares repurchased to approximately £1 billion.\n \nFor the Second Tranche, the Company has entered into an irrevocable arrangement with BNP Paribas Financial Markets S.N.C. (\"BNP Paribas\") (acting as riskless principal) to conduct the repurchases in respect of the Second Tranche on its behalf and to make trading decisions in respect of the Second Tranche independently of the Company.\n \nThe arrangement with BNP Paribas enables the purchase of ordinary shares for a period from 5 March 2024 up to and including 31 July 2024. The aggregate maximum consideration for the purchase of ordinary shares under the Second Tranche is £250 million (exclusive of associated fees, expenses and stamp duty), representing an amount equal to the aggregate value of approximately 3.7% of the Company's issued share capital at the closing share price on 4 March 2024. BNP Paribas may effect purchases of shares under the Second Tranche on the London Stock Exchange and/or other trading venues for subsequent purchase by the Company. Purchases by the Company will be treated as being made on the London Stock Exchange. The Company intends that any shares purchased will be (i) cancelled; or (ii) held in treasury pending their cancellation.\n \nThe purpose of the 2023-2024 Programme is to reduce the capital of the Company.\n \nAny share purchase will be carried out in accordance with certain pre-set parameters. The maximum number of ordinary shares which may be purchased by the Company under the Second Tranche is 430,630,570, which is the maximum pursuant to the authority granted by shareholders at the Company's 2023 Annual Gene...