Business
Update on Share Buyback Extension
Update on Share Buyback Extension.
About this update from Centrica Plc
[{"type":"text","content":"\n\n \nCentrica plc\n \n \nUpdate on Share Buyback Extension\n \nIn its 2024 Preliminary Results on 20 February 2025, the Company announced a further £500 million extension of the Company's share buyback programme, to be completed by around the end of 2025 (the \"2025 Extension\"), taking the total programme to £2.0bn.\n \nThe Company today announces the entry into an irrevocable arrangement with Goldman Sachs International (\"Goldman Sachs\") (acting as riskless principal) to conduct the repurchases in respect of the first £250 million tranche of the 2025 Extension (the \"First Tranche\") on its behalf and to make trading decisions in respect of the First Tranche independently of the Company.\n \nRepurchases in respect of the First Tranche will be conducted from 16 June 2025 to no later than 19 September 2025 to buy back ordinary shares of 6 14/81 pence each (the \"Shares\") up to an aggregate maximum consideration of up to £250 million (exclusive of associated fees, expenses and stamp duty), representing an amount equal to the aggregate value of approximately 3% of the Company's issued share capital at the share price as at close of business on 7 May 2025.\n \nGoldman Sachs International may effect purchases of shares under the First Tranche on the London Stock Exchange and/or other trading venues[1] 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 2025 Extension is to reduce the capital of the Company.\n \nAny share purchases 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 First Tranche is 536,039,506 (which is the maximum pursuant to the authority granted by shareholders at the Company's Annual General Meeting held on 5 June 2024) less the number of Shares purchased (and to be purchased) by the Company pursuant to the share buyback programmes announced on 8 August 2024 and 27 December 2024 taken together with such number of Shares under any subsequent authority to repurchase Shares as may be granted by the Company's shareholders at ...