30 Dec 2015 16:45
30 December 2015
Reckitt Benckiser Group plc
Share Repurchase Programme
Reckitt Benckiser Group plc ("RB" or the "Company") today announces that it will commence a 2016 share repurchase programme of the Company's ordinary shares of ten pence each (the "Ordinary Shares") for up to a maximum consideration of £800m (the "Programme"). The Programme is in continuation of, and for the same purpose as, the Company's previously announced 2015 share buybacks programme of £800m, which was carried out in order to offset the dilutive impact of employee share schemes and to maintain borrowings at around current levels.
In order to effect the Programme, RB announces that it has entered into an irrevocable, non-discretionary arrangement with Morgan Stanley Securities Limited ("Morgan Stanley") to enable the purchase, within certain pre-set parameters, of up to a maximum of 2,500,000 Ordinary Shares during the period running from 4 January 2016 and expected to end by 29 February 2016 but ending no later than 3 March 2016, therefore running through RB's close period of 1 January 2016 - 14 February 2016. Morgan Stanley will make its trading decisions in relation to the purchase of the Company's securities independently of, and uninfluenced by the Company.
Any purchase of Ordinary Shares done in relation to this announcement pursuant to the Programme will be carried out on the London Stock Exchange and executed in accordance with the Listing Rules and RB's general authority to make market purchases of Ordinary Shares. RB 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 held in treasury.
Morgan Stanley may undertake transactions in Ordinary Shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the Morgan Stanley Programme. Morgan Stanley will make any disclosures it is legally required to make in relation to such transactions.
Contact:
Christine Logan
Company Secretary
Reckitt Benckiser Group plc
01753 217800
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.