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The Company confirms that it currently has no unpublished inside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