Business
Commencement of share buy-back programme
Commencement of share buy-back programme.
About this update from National Grid Plc
[{"type":"text","content":"\n \nRNS Number : 9246G National Grid PLC 02 June 2017 \n\n\n2 June 2017\n \nNational Grid plc\nShare Buy-back Programme\n \nNational Grid plc (the \"Company\") announces that it is to commence its £835 million share buy-back programme to repurchase ordinary shares in the capital of the Company, expected to be carried out in not less than two tranches (the \"Programme\"). The sole purpose of the Programme is, as previously announced, to reduce the share capital of the Company as part of the return of proceeds to shareholders following the sale of a majority interest in the Company's UK gas distribution business. \n \nThe Company announces that it has entered into an irrevocable and non-discretionary arrangement with Barclays Capital Securities Limited (\"Barclays\"), an independent third party, in relation to the first tranche of the Programme which will commence on 2 June 2017 and will end no later than 27 December 2017 (the \"First Tranche\"). Barclays will act as principal during the First Tranche and will make its trading decisions concerning the timing of the purchases of the Company's ordinary shares independently of the Company. \n \nThe maximum pecuniary amount allocated to the First Tranche of the Programme is £425,000,000. The number of ordinary shares to be purchased under the First Tranche will not exceed the maximum number of ordinary shares permitted to be purchased by the Company pursuant to the authority granted by shareholders at the General Meeting of the Company on 19 May 2017, which is 343,910,318 ordinary shares of 12204/473p each. The purchased shares will be held as treasury shares.\n \nAny purchases of ordinary shares by the Company in relation to this announcement will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with both the Company's general authority to purchase shares granted by its shareholders at the Company's General Meeting held on 19 May 2017, the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules and will be discontinued in the event the Company ceases to have the necessary general authority to repurchase ordinary shares. \n \nFor the avoidance of doubt, no repurchases will be made in the United States or in respect of the Company's American Depositary Receipts. \...