Last checked at 28 Feb 2024 07:00
Glanbia launches share buy-back of up to ?50m
28 February 2024, Glanbia plc, the Better Nutrition company, (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 buy-back programme is to reduce the share capital of the Company (any Shares repurchased for this purpose will be cancelled). This programme is being carried out under the ?100 million share buyback authority announced by the Company today.
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 28 February 2024, through to 19 December 2024, unless otherwise terminated in accordance with the Company's agreement with Davy and prevailing authority.
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 The Company confirms that it currently has no unpublished inside information.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 initially 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 2023 Annual General Meeting ("AGM") on 4 May 2023 up to a maximum of 10% of the issued share capital of the Company as at 3 March 2023 being 27,228,736 ordinary shares which has been reduced by 7,215,827 ordinary shares to 20,012,909 ordinary shares as a consequence of subsequently completed buybacks. This authority will expire on the close of business on the day of the AGM of the Company, to be held on 1 May 2024. Following the expiry of the 2023 AGM repurchase authority, the continuation of the buyback will be conditional on the shareholder approval of a repurchase general authority at the AGM on 1 May 2024.
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.
ENDS
For further information contact:
Glanbia plc +353 56 777 2200
Mark Garvey, Group Finance Director
Liam Hennigan, Group Secretary & Head of Investor Relations: +353 86 046 8375
Martha Kavanagh, Head of Corporate Communications: +353 87 646 2006
Davy
Ivan Murphy/Ronan Veale +353 1 679 7788