Business
Launch of Share Buyback
Launch of Share Buyback.
About this update from Tate & Lyle Plc
[{"type":"text","content":"\n\n20 June 2024\n \nTate & Lyle PLC\nANNOUNCEMENT OF THE COMMENCEMENT OF A\nNON-DISCRETIONARY SHARE BUYBACK PROGRAMME\nTate & Lyle PLC (the \"Company\") announces that it will shortly commence a share buyback programme (the \"Programme\") of up to £215 million.\nOn 23 May 2024, the Company announced the intention to return the net cash proceeds from the sale of its remaining interest in Primient to shareholders through an on-market share buyback programme. Previously, this programme was due to start following completion of the Primient sale, but it is now being initiated today.\nThe Programme, which is non-discretionary, will commence on 20 June 2024 and will end on or before 31 March 2025.\nThe sole purpose of the Programme is to reduce the Company's share capital.\nThe Company has entered into an agreement with Merrill Lynch International (the \"Broker\") to conduct the Programme on its behalf and to make trading decisions under the programme independently of the Company. The Broker will purchase the Company's ordinary shares as principal and sell them on to the Company in accordance with the terms of their engagement. The Company intends to hold the shares it purchases through the programme as treasury shares.\nAny purchases of ordinary shares by the Company in relation to this announcement will be made in accordance with certain pre-set parameters set out in the terms of the Broker's engagement, the general authority of the Company to repurchase shares granted by shareholders at the Company's Annual General Meeting held on 27 July 2023 (which permits the Company to purchase no more than 40,165,770 of the Company's ordinary shares).\nThe LEI reference for Tate & Lyle PLC is 2138008K14474WPKZ244.\nEnd\n \nFor further information please contact:\nChristopher Marsh, VP, Investor Relations\nMobile: +44 (0)7796 192 688\n \nNick Hasell (FTI Consulting), Media Relations\nMobile: +44 (0)7825 523 383\n \n \nAbout Tate & Lyle:\nSupported by our 160-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients every day. Through our expertise in sweetening, fortification, and texture, we develop ingredien...