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1 Jun 2023 08:00
1 June 2023
BAE Systems plc
BAE Systems Initiates £500million Third Tranche of Share Buyback Programme
Today, BAE Systems plc ("BAE Systems", or the "Company") announces that it has entered into an arrangement with Morgan Stanley & Co. International plc ("Morgan Stanley") in relation to the third tranche (the "Third Tranche") of the share buyback programme announced by the Company on 28 July 2022 (the "Buyback Programme"). The First and Second Tranches of the Buyback Programme completed on 16 November 2022 and 16 May 2023 respectively. The sole purpose of the Buyback Programme is to reduce the issued share capital of the Company.
In connection with the Third Tranche, the Company has instructed Morgan Stanley, acting as riskless principal, to purchase ordinary shares of BAE Systems (the "Shares") for an amount of up to £500 million. The Third Tranche will run from and including 1 June 2023 and is expected to be completed by 24 July 2024.
Any purchases of Shares under the Third Tranche will be effected within certain pre-set parameters. These arrangements are in accordance with BAE Systems' general authority to repurchase Shares granted at its Annual General Meeting held on 4 May 2023 (the "2023 AGM"), Chapter 12 of the Listing Rules, and those provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) dealing with buyback programmes. The number of ordinary shares to be purchased under the Buyback Programme will not exceed 305,567,916 Shares and is therefore within the 2023 AGM approved limit.
Details of the authority granted at the 2023 AGM can be found on our website under: https://investors.baesystems.com/~/media/Files/B/Bae-Systems-Investor-Relations-V3/PDFs/results-and-reports/results/2022/agm-notice-of-meeting-2023.pdf
For further information, please contact:
Investors | Media |
Martin Cooper, Investor Relations Director Telephone: +44 (0)1252 383455 Email: investors@baesystems.com | Kristina Anderson, Director, Media Relations Telephone: +44 (0) 7540 628673 Email: Kristina.anderson@baesystems.com |
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