Glanbia Regulatory News (GLB)

Glanbia launches share buy-back of up to €50m 

8 December 2021, Glanbia plc, the Global Nutrition Group, (the "Company" or the "Group") announces that, from today, it will commence a share buy-back programme of up to €50 million in total value in Glanbia plc ordinary shares ("Shares"). The purpose of the share buyback programme is to reduce the share capital of the Company (any Shares repurchased for this purpose will be cancelled).

Commenting today, Siobhan Talbot, Group Managing Director of Glanbia plc said:

"Glanbia will deliver strong operating cash flow this year while continuing to invest in growth opportunities and shareholder returns. In line with our capital allocation policy, today we are launching a new share buyback programme of up to €50 million given the continued strong cash performance of the business in 2021."

Details of the programme.

The Company has entered into an agreement with J&E Davy ("Davy") to act as principal in relation to the purchase of the Company's Shares, within certain pre-set parameters.

The programme will run from 8 December 2021, through to the date three business days' prior to the Company's next Annual General Meeting, expected to be held in May 2022, unless otherwise terminated in accordance with the Company's agreement with Davy.

Under the terms of the agreement, Davy will make purchases of the Shares under the buy-back programme independently of, and uninfluenced by, the Company. Purchases may continue during any closed period to which the Company is subject. The Company confirms that it currently has no unpublished inside information.

The share buy-back programme will be conducted within the limitations of the Company's general authority to repurchase shares. As set out in Resolution 10 approved by the Company's shareholders at the 2021 Annual General Meeting on 6 May 2021 and up to a maximum of 10% of the issued share capital of the Company (being 29,129,518 ordinary shares which has been reduced to 25,620,511 ordinary shares following the completion of the latest buyback programme). Unless renewed, this authority will expire on the earlier of; the close of business on the date on which the next Annual General Meeting of the Company is held in the year 2022 (expected to be in May 2022) or 5 August 2022.

In accordance with the waiver granted by the Irish Takeover Panel under Rule 37 of the Irish Takeover Panel Rules. The buy-back of shares may not cause the percentage of the issued share capital of the Company held by Glanbia Co-operative Society Limited and persons presumed to be acting in concert with it to exceed limits set out in Resolution 12 approved by the Company's independent shareholders at the 2021 Annual General Meeting.

The programme will be conducted in accordance with Chapter 9 of the Euronext Dublin Listing Rules and the relevant provisions of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the United Kingdom ("UK"), from time to time, including, where relevant, pursuant to the UK's Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as the rules of the Central Bank of Ireland.

The share buyback programme may be augmented by the purchase of Shares by way of block trades in accordance with the Company's general authority to repurchase shares.

Inside information

This announcement contains inside information as set out in the title "Glanbia launches share buy-back of up to €50 million". The person responsible for arranging for the release of this announcement on behalf of Glanbia plc is Michael Horan, Company Secretary.  The time and date of this announcement is, at 7.02 am GMT, 08 December 2021.

ENDS

For further information contact:

Glanbia plc +353 56 777 2200

Mark Garvey, Group Finance Director

Liam Hennigan, Group Director of Strategic Planning & Investor Relations: +353 86 046 8375

Martha Kavanagh, Director of Corporate Affairs: +353 87 646 2006

Davy

+353 1 679 7788

Ivan Murphy/Ronan Veale