Share Buyback Programme

RNS Number : 8298G

BAE SYSTEMS PLC

29 July 2021

 

BAE Systems plc

Share Buyback Programme

Today, BAE Systems plc ("BAE Systems", or the "Company") announced its interim results for the half year ending 30 June 2021 and a share buyback programme (the "Buyback Programme") of up to £500 million. The Buyback Programme will run from and including 29 July 2021 and is expected to be completed by 31 July 2022.

The Buyback Programme is consistent with the Company's disciplined approach to capital allocation, reflecting the Company's strong cash flow delivery and balance sheet position. The sole purpose of the Buyback Programme is to reduce the issued share capital of the Company.

Details of the Buyback Programme

The Company has entered into an arrangement with Morgan Stanley & Co. International plc ("Morgan Stanley") in relation to the purchase by Morgan Stanley, as riskless principal, of ordinary shares of BAE Systems (the "Shares").

Any purchases of Shares contemplated by this announcement will be effected within certain pre-set parameters. These arrangements are in accordance with BAE Systems' general authority to repurchase up to 322,018,538 Shares granted at its Annual General Meeting held on 6 May 2021 (the "2021 AGM"), Chapter 12 of the Listing Rules, and those provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) dealing with buyback programmes. The number of ordinary shares to be purchased under the Buyback Programme will not exceed 322,018,538 Shares and is therefore within the 2021 AGM approved limit.

Details of the authority granted at the 2021 AGM can be found on our website under:  https://investors.baesystems.com/~/media/Files/B/Bae-Systems-Investor-Relations-V3/PDFs/agm/agm-notice-of-meeting-2021.pdf  

For further information, please contact:

Investors	Media
Martin Cooper, Investor Relations Director Telephone: [phone] Email:  [e-mail]	Kristina Anderson, Director, Media Relations Telephone: [phone] Email:  [e-mail]

 

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