Business
Commencement of Share Buyback Extension
Commencement of Share Buyback Extension.
About this update from Centrica Plc
[{"type":"text","content":"\n\n \nCentrica plc\n8 August 2024\n \nCommencement of Share Buyback Extension\n \nAs set out with its 2024 Interim Results on 25th July 2024, Centrica plc (the \"Company\") announces the commencement of a £200 million extension of the Company's share repurchase programme to be completed by the end of February 2025 (\"the Extension\").\n \nSince 15 November 2022 the Company has repurchased approximately £1 billion of its ordinary shares, representing almost 14% of the Company's issued share capital at that date.\n \nFor the Extension, the Company has entered into an irrevocable arrangement with Goldman Sachs International (acting as riskless principal) to conduct the share repurchases on its behalf and to make trading decisions in respect of the Extension independently of the Company.\n \nThe arrangement with Goldman Sachs International enables the purchase of ordinary shares for a period from 8 August 2024 up to and including 28 February 2025. The aggregate maximum consideration for the purchase of ordinary shares under the Extension is £200 million (exclusive of associated fees, expenses and stamp duty). Goldman Sachs International may effect purchases of shares under the Extension 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 cancelled, held in treasury, or used for the purposes of employee share schemes.\n \nThe purpose of the Extension 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 Extension is 536,039,506 which is the maximum pursuant to the authority granted by shareholders at the Company's 2024 Annual General Meeting.\n \nThe Extension 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 Chapte...