Last checked at 4 Apr 2024 10:15
RECKITT BENCKISER GROUP PLC
SHARE BUYBACK PROGRAMME -
COMPLETION OF SECOND TRANCHE AND COMMENCEMENT OF THIRD TRANCHE
Reckitt Benckiser Group plc ("Reckitt" or the "Company") confirms the successful completion of the second tranche of £250m (the "Second Tranche") of its £1 billion share buyback programme (the "Programme") announced on 25 October 2023.
Under the Second Tranche, between 1 February 2024 and 3 April 2024, the Company has purchased 4,861,531 ordinary shares of 10p each (the "Ordinary Shares") at an average price of £51.42, and which are now held in treasury.
Further to the announcement on 27 March 2024, the Company confirms that the third tranche of the Programme (the "Third Tranche") to return a further up to £500 million of capital to shareholders, will commence on 5 April 2024 and will end on or before 31 July 2024. As previously announced, the purpose of the Third Tranche is to reduce the share capital of the Company. The Third Tranche will take place within the limitations of the authority granted to the Board by shareholders at the Company's Annual General Meeting on 3 May 2023. Pursuant to that authority, the maximum number of shares which remain available for purchase under the Third Tranche is 62,500,000 on or prior to 2 May 2024 and, thereafter such number of Shares as the Company is authorised to purchase by special resolution of shareholders at the Company's Annual General Meeting on 2 May 2024.
As previously announced, Reckitt has entered into a non-discretionary agreement with Morgan Stanley & Co. International plc ("Morgan Stanley") under which it has instructed Morgan Stanley to manage the Third Tranche of the Programme. Morgan Stanley will, acting as riskless principal, purchase Ordinary Shares for an aggregate purchase price of no greater than £500 million and will simultaneously sell such Ordinary Shares on to the Company. To the extent permitted by law, Ordinary Shares purchased under the Third Tranche of the Programme will be held in treasury.
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.
CONTACT DETAILS:
Contacts
Richard Joyce +44 (0)7807 418516
Investor Relations
Catheryn O'Rourke +44 (0) 1753 217 800
General Counsel & Company Secretary
About Reckitt:
Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.
Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.
Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.
We are a diverse global team of c. 40,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society. Find out more, or get in touch with us at www.reckitt.com
* Reckitt is the trading name of the Reckitt Benckiser group of companies
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108