Business
Indivior Announces a New $100 Million Share Repurchase Program; New Program will be Executed Over an Accelerated Time Frame
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN
About this update from Indivior Pharmaceuticals, Inc.
[{"type":"text","content":"THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018).\nRepurchases Under Current Program now Expected to be Completed by End of JulyRICHMOND, Va., July 25, 2024 /PRNewswire/ -- Indivior PLC (Nasdaq/LSE: INDV) (\"Indivior\" or the \"Company\"), a leading addiction treatment company, today announced that its Board of Directors has approved a new share repurchase program under which the Company will commence repurchasing Indivior's ordinary shares of $0.50 each (the \"Ordinary Shares\") for up to a maximum consideration of $100 million (the \"New Program\"). The New Program will be carried out on an accelerated basis and is expected to be completed over the next six months, subject to compliance with applicable trading restrictions.\n\n \n \n \n \n \n \n\n \nIn addition, Indivior is expediting repurchases under its current $100 million program, which commenced in November 2023 (the \"Current Program\") and which was originally expected to be completed by end of August 2024. Subject to compliance with applicable trading restrictions, the Company intends to complete its Current Program by the end of July 2024 and initiate this New Program immediately thereafter.\nIn relation to the New Program, Indivior has entered into a non-discretionary agreement with Morgan Stanley & Co. International Plc (\"Morgan Stanley\") under which Morgan Stanley has agreed to carry out on-market purchases of Ordinary Shares, acting as riskless principal, during the period commencing on the business day following the completion of the Current Program, and ending no later than January 31, 2025, for an aggregate purchase price of no greater than $100 million and the simultaneous on-sale of such Ordinary Shares by Morgan Stanley to Indivior.\nMorgan Stanley will make trading decisions in relation to the New Program independently of Indivior in accordance with certain pre-set parameters set out in the agreement with Morgan Stanley. Any purchases of Ordinary Shares by the Company in relation to the New Program will be carried out on the London Stock Exchange and/or Aquis Stock Exchange Limited and/or on CBOE Europe Limited through the BXE and CXE order books (in accordance with the terms of the arr...