Last checked at 18 May 2023 07:00
18 May 2023
DRAX GROUP PLC
(Symbol: DRX)
Share Buyback Programme
Drax Group plc (the Company) today announces that it is commencing a share buyback programme of up to £150 million of the Company's ordinary shares of 11 16/29 pence each (the Programme) in line with the announcement made on 26 April 2023. The purpose of the Programme is to reduce the Company's share capital. The ordinary shares purchased by the Company will be held in treasury pending cancellation or re-issue.
Ordinary share purchases under the Programme will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volumes. The maximum number of shares that may be repurchased by the Company under the Programme is 40,108,970, under the authority granted by shareholders at the AGM on 26 April 2023. The Programme is expected to be completed no later than 29 December 2023.
The Company has entered into a non-discretionary agreement with J.P. Morgan Securities plc (JPMS plc) pursuant to which it has issued irrevocable instructions to JPMS plc to conduct the Programme. JPMS plc will carry out the Programme through the acquisition of ordinary shares in the Company within certain pre-defined parameters for subsequent repurchase by the Company. The Programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the UK, from time to time, including, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as applicable laws and the regulations of the UK Financial Conduct Authority (including Chapter 12 of the Listing Rules). Any repurchase of the Company's ordinary shares will be announced no later than 7:30am on the business day following the calendar day on which the repurchase occurred.
JPMS plc may undertake transactions in 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) 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.
The Company will make further announcements in due course following the buyback of shares. Note there is no guarantee that the Programme will be implemented in full.
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 7730 763 949
Media:
Drax External Communications: Chris Mostyn
+44 (0) 7548 838 896
Website: www.drax.com
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