Last checked at 28 Apr 2023 07:04
Associated British Foods plc
28 April 2023
Associated British Foods plc share repurchase programme
Further to its announcements on 8 and 9 November 2022, Associated British Foods plc (the 'Company') announces that it has entered into a non-discretionary arrangement (the 'Engagement') with Credit Suisse International ('CSI') to execute the second tranche of its up to £500 million share buyback programme (the 'Programme').
The second tranche will be in the sum of up to £250 million and will commence following completion of the first tranche of the Programme on a date to be announced. It is anticipated that the second tranche will end before 31 October 2023 (the 'Engagement Period').
Under this arrangement, CSI will act as riskless principal and will make decisions independently from the Company under the Engagement. CSI will carry out the arrangement through the acquisition of ordinary shares in the Company for subsequent repurchase by the Company. Purchases may continue during any closed period to which the Company is subject during the Engagement Period.
The sole purpose of the share buyback is to reduce the capital of the Company. All ordinary shares repurchased as part of this arrangement will be cancelled.
Share purchases will take place in open market transactions and be carried out on the London Stock Exchange and may be made from time to time depending on market conditions, share price, trading volume and other factors.
Any purchases of ordinary shares by the Company in relation to this announcement will be effected within certain pre-set parameters and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase ordinary shares granted by its shareholders at the Company's AGM on 9 December 2022 (at which shareholders gave the Company authority to purchase a maximum of 79,167,418 ordinary shares), the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules.
Further enquiries:
+44 (0)20 7399 6545
Eoin Tonge, Finance Director
Chris Barrie, Corporate Affairs Director