Last checked at 15 Nov 2017 08:14
BP p.l.c.
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Share Repurchases
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15 November 2017
BP p.l.c. (the "Company") announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the "Programme").
The sole purpose of the Programme is to reduce the issued share capital of the Company to offset the ongoing dilutive effect of scrip dividends over time1, as announced by the Company on 31 October 2017.
The period for which authorisation for the Programme has been given is 15 November 2017 until the date of the Company's 2018 Annual General Meeting2 The maximum number of ordinary shares to be purchased 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 Company's 2017 Annual General Meeting, which is 1.96 billion ordinary shares3. The shares purchased will be cancelled.
Any purchases of ordinary shares by the Company in relation to this announcement will be effected in accordance with the Company's general authority to repurchase shares granted by its shareholders at the Company's 2017 Annual General Meeting, the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules.
Further enquiries:
Craig Marshall +44(0) 207 496 4962
1. Since inception of the Company's scrip dividend programme in 2010, the scrip election uptake has averaged around 20% of the total dividend per annum (equivalent to approximately $1.6 billion per annum on the basis of current dividend payments).
2. The existing shareholder authority to buy back shares granted at the Company's 2017 Annual General Meeting expires on the date of the Company's 2018 Annual General Meeting or 17 August 2018, whichever is the earlier. The Company expects to seek renewal of shareholder authority to buy back shares at its 2018 Annual General Meeting.
3. This is equivalent to a maximum pecuniary amount for the Programme of £9.93 billion, calculated by reference to the maximum number of shares the subject of the 2017 AGM buyback authority at a price of 506.9 pence per ordinary share (closing price on 13 November 2017).