Burberry Regulatory News (BRBY)

Burberry Group plc

Burberry Group plc - Share repurchase programme

Burberry Group plc ("Burberry" or the "Company") announces that, in connection with the

continuation of the share buyback programme (the "Programme") of £400 million which it announced

on 18 May 2022, the Company will commence the second tranche of the Programme to purchase

ordinary shares in the capital of the Company up to a maximum consideration of £200 million. As

announced on 18 May 2022, it is intended that the Programme will be completed in the period up to 1

April 2023. The second tranche of the Programme is subject to remaining within the authority granted

at the Annual General Meeting on 12 July 2022 (the "AGM") (the AGM authority is for a maximum

of 39,670,000 ordinary shares) and will take place during the period starting on 7 November 2022 and ending no later than 6 March 2023 (the "Engagement Period"). The purpose of the Programme is to reduce the share capital of Burberry. The first tranche of the Programme, which Burberry announced on 30 June 2022, ended within the previously announced engagement period on 1 November 2022. Morgan Stanley & Co International plc, who undertook the first tranche for Burberry, purchased 11,665,551 ordinary shares for a total consideration of £199,999,985.94. 

The maximum number of ordinary shares which may be purchased by the Company under the second tranche of the Programme is 29,802,748, which is the maximum pursuant to the authority granted by shareholders at the AGM, less the number of ordinary shares that were repurchased by the Company pursuant to the first tranche of the Programme, (excluding shares purchased between 1 and 11 July 2022 under the authority granted at the Annual General Meeting on 14 July 2021). The existing shareholder authority to buy back shares granted at the AGM expires on the conclusion of the Company's 2023 Annual General Meeting (or, if earlier, 12 October 2023).

The Company has entered into an agreement with J.P. Morgan Securities plc ("JPMS plc") under

which it has issued an irrevocable instruction to JPMS plc to manage the second tranche of the

Programme. JPMS plc will carry out the instruction through the acquisition of ordinary shares in the

Company, acting as riskless principal, for subsequent repurchase by the Company. This arrangement is in accordance with Chapter 12 of the FCA Listing Rules and the Company's general authority to

repurchase ordinary 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. Ordinary shares purchased under the Programme will be either cancelled or held in treasury and used to meet obligations arising from employee share plans.

JPMS plc may undertake transactions in the Company's ordinary shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Engagement Period in order to manage its market exposure under the Programme. Disclosure of such transactions will not be made by JPMS plc as a result of or as part of the Programme, but JPMS plc will continue to make any disclosures it is otherwise legally required to make.

Enquiries

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, the Burberry Check and the Thomas Burberry Monogram and Print are trademarks belonging to Burberry.