Engagement of brokers to execute buyback programme

RNS Number : 4799R

British Land Co PLC

15 June 2018

 

Engagement of brokers to execute share buyback programme

15 June 2018

The British Land Company PLC ("the Company") announces that it has engaged Morgan Stanley and UBS ("the Brokers") in relation to the programme, announced on 14 June 2018, to repurchase the Company's ordinary shares up to the value of £200 million. The programme will be executed between 15 June 2018 and 31 March 2019.The purpose of the programme is to reduce the capital of the Company.

The Brokers will purchase the Company's ordinary shares as principal and sell them on to the Company in accordance with the terms of their respective engagements.  The Company intends to cancel the shares it purchases through the programme.

Any share purchases will be made in accordance with certain pre-set parameters set out in the terms of the Brokers' respective engagements, the general authority of the Company to repurchase shares granted by shareholders at the Company's annual general meeting held on 18 July 2017 (which permits the Company to purchase no more than 55,374,408 of the Company's ordinary shares, taking into account the amount of shares already repurchased using this authority under the buyback programme announced on 18 July 2017), the EU Market Abuse Regulation (596/2014), the Commission Delegated Regulation (2016/1052) and Chapter 12 of the Financial Conduct Authority's Listing Rules.

Enquiries:  

Investor Relations  

David Walker, British Land                                              020 7467 3418

Media  

Charlotte Whitley, British Land                                        020 7467 2938

Guy Lamming & Gordon Simpson, Finsbury Group        020 7251 3801

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