Last checked at 30 Sep 2019 17:33
Announcement of Non-Discretionary Share Buyback Programme
SSE plc (the 'Company') confirmed on 30 August 2019 that, in light of the SCRIP take up of the 2018/19 dividend exceeding 20%, it intends to buy-back shares in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 18 July 2019, the EU Market Abuse Regulation and Chapter 12 of the Listing Rules.
In line with this, today the Company announces in compliance with the EU Market Abuse Regulation that it has instructed Morgan Stanley & Co. International plc ('Morgan Stanley') and Credit Suisse Securities (Europe) Limited ('Credit Suisse') in relation to an irrevocable, non-discretionary programme to repurchase its ordinary shares for cancellation (the 'Programme'). The Programme will not exceed 13,420,470 ordinary shares, and the maximum pecuniary amount allocated to it is £150,000,000. The end date for the Programme will be the earlier of: when one of these parameters is met; or 31 December 2019. The first half of the Programme will be executed by Morgan Stanley and the second half will be executed by Credit Suisse.
Any share purchases under the Programme will be effected within certain pre-set parameters, and in accordance with the Company's share buyback authority granted by shareholders at the Company's Annual General Meeting on 18 July 2019 (being 103,475,152 shares), the EU Market Abuse Regulation and Chapter 12 of the UK Listing Rules. The Company confirms that it currently has no inside information.