21 February 2024
Barclays PLC
Commencement of Buy-back
Barclays PLC (the "Company") announces that, as disclosed
in its announcement on 20 February 2024, it will commence a share
buy-back programme to purchase ordinary shares of 25 pence each in
the Company ("Ordinary
Shares") for up to a maximum consideration of £1,000m (the
"Buy-back"). The Buy-back
will commence on 21 February 2024 and end no later than 20 November
2024 (subject to regulatory approval remaining in place). The
purpose of the Buy-back is to reduce the share capital of the
Company and therefore Ordinary Shares purchased under the Buy-back
will be cancelled.
The Company has entered into a
non-discretionary agreement with J.P. Morgan Securities plc
("J.P. Morgan") to conduct
the Buy-back on its behalf and carry out on-market purchases of
Ordinary Shares, acting as riskless principal, and to on-sell such
Ordinary Shares to the Company.
J.P. Morgan will make trading decisions in
relation to the Buy-back independently of, and without further
instruction from, the Company. Any purchases of Ordinary
Shares under the Buy-back will be carried out on the London Stock
Exchange in accordance with certain pre-set parameters set out in
the agreement with J.P. Morgan and in accordance with (and subject
to the limits prescribed by) the Company's general authority to
repurchase Ordinary Shares granted by its shareholders at the
annual general meeting on 3 May 2023 (the "2023 Authority"), Chapter 12 of the
Financial Conduct Authority's Listing Rules, Article 5(1) of the
Market Abuse Regulation (EU) No 596/2014 (as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended), the Commission Delegated Regulation (EU) No 2016/1052
(as it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended), and other applicable
laws.
No repurchases will be made in the United
States or in respect of the Company's American Depositary
Receipts.
The maximum number of Ordinary Shares that may
be repurchased under the Buy-back is 1,093,533,143, being the
number of Ordinary Shares the Company is authorised to repurchase
under the 2023 Authority (1,587,136,913) less the number of
Ordinary Shares purchased as part of the £750m share buy-back
programme which commenced on 28 July 2023 and completed on 23
October 2023 (493,603,770).
- ENDS -
For further information, please
contact:
Investor
Relations
Media Relations
Marina Shchukina +44 (0) 20 7116 2526
Tom Hoskin +44 (0) 20 7116 4755
About
Barclays
Barclays is a British universal bank. We are
diversified by business, by different types of customer and client,
and geography. Our businesses include consumer banking and payments
operations around the world, as well as a top-tier, full service,
global corporate and investment bank, all of which are supported by
our service company which provides technology, operations and
functional services across the Group. For further information about
Barclays, please visit our website home.barclays.