Glanbia launches share buy-back of up to EUR 50m

RNS Number : 5891E

Glanbia PLC

09 November 2020

 

Glanbia launches share buy-back of up to €50m 

9 November 2020, Glanbia plc, the Global Nutrition Group, (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 buyback programme is to reduce the share capital of the Company (any Shares repurchased for this purpose will be cancelled).

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 parameters.

The programme will run from 9 November 2020 through to the conclusion of the Company's next Annual General Meeting, expected to be held in April 2021, unless otherwise terminated in accordance with the Company's agreement with Davy.

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 The Company confirms that it currently has no unpublished inside information.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 be conducted in accordance with the Company's general authority to repurchase shares, as set out in Resolution 10  approved by the Company's shareholders at the 2020 Annual General Meeting on 22 April 2020 and up to a maximum of 10% of the issued share capital of the Company .  Unless renewed, this authority will expire on the earlier of; the close of business on the date on which the next Annual General Meeting of the Company is held in the year 2021 (expected to be in April 2021) or 22 July 2021. 

In accordance with the waiver granted by the Irish Takeover Panel under Rule 37 of the Irish Takeover Panel Rules, the buy-back of shares may not cause the percentage of the issued share capital of the Company held by Glanbia Co-operative Society Limited and persons presumed to be acting in concert with it to exceed limits set out in Resolution 12 approved by the Company's independent shareholders at the 2020 Annual General Meeting.

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 as well as the rules of the Central Bank of Ireland.

ENDS

For further information contact:

Glanbia plc [phone] 

Mark Garvey, Group Finance Director

Liam Hennigan, Group Director of Strategic Planning & Investor Relations: [phone]

Martha Kavanagh, Head of Media Relations: [phone]

Davy

[phone]

Ivan Murphy/Ronan Veale/Orla Cowzer

 

END

 

 

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