Last checked at 20 Jul 2017 07:00
Burberry Group plc - Share Repurchase Programme
Burberry Group plc ("Burberry" or the "Company") announces that it will commence a share repurchase programme of the Company's ordinary shares of 0.05p each (the "Ordinary Shares") up to a maximum consideration of £150m (the "Programme").
On 19 July 2017, Burberry entered into a non-discretionary irrevocable instruction with Morgan Stanley & Co. International Plc ("Morgan Stanley") in relation to the purchase by Morgan Stanley, acting as principal, of Ordinary Shares in the Company's share capital (the "Shares") for an aggregate purchase price of no greater than £150m and the simultaneous on-sale of such Shares by Morgan Stanley to Burberry. The purchase of shares will take place during the period commencing on 20 July 2017 and ending no later than 31 October 2017.
Any purchase of Ordinary Shares done in relation to this announcement will be carried out on the London Stock Exchange and executed in accordance with the Listing Rules and Burberry's general authority to make market purchases of Shares. Burberry will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. To the extent permitted by law, Ordinary Shares purchased under the Programme will be held in treasury.
Morgan Stanley may undertake transactions in shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the Programme. Morgan Stanley will make any disclosures it is legally required to make in relation to such transactions.
Enquiries
Investors and analysts | ||
Charlotte Cowley | VP, Investor Relations | 020 3367 3524 |
Media | ||
Andrew Roberts | VP, Corporate Relations | 020 3367 3764 |
Caroline Daniel
| Brunswick | 020 7404 5959 |
This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Burberry Group plc shares, in the UK, or in the US, or under the US Securities Act 1933 or in any other jurisdiction.
Burberry is listed on the London Stock Exchange (BRBY.L) and is a constituent of the FTSE 100 index. ADR symbol OTC:BURBY.
BURBERRY, the Equestrian Knight Device and the Burberry Check are trademarks belonging to Burberry which are registered and enforced worldwide.