Share buy-back programme

RNS Number : 3231C

Glencore PLC

21 February 2022

 

Glencore plc

Baar, Switzerland

21 February 2022

Share buy-back programme

As noted in the 2021 preliminary results released on 15 February 2022, Glencore plc (the "Company") announces that, today, it commences a share repurchase or buy-back programme of USD550 million (the "Programme") until the interim results are published in August 2022. The Programme will be effected in accordance with the terms of the authority granted by shareholders at the 2021 AGM and, subject to shareholder approval at the 2022 AGM, will continue on the terms of the renewed authority.

The Programme's purpose is to reduce the capital of the Company and it is currently intended that any ordinary shares of the Company (the "Shares") purchased will be held in treasury.

The Company has entered into an agreement with Morgan Stanley & Co. International Plc (the "Bank") to conduct the Programme, under which trading decisions may be undertaken by the Bank in accordance with the directions of the Company. If the Company is unable to do so,   the Bank is mandated to make trading decisions concerning purchases under the Programme independently of the Company.

The Bank may undertake transactions in the Shares (which may include sales as well as purchases and may include participation in block purchases) in order to meet its obligations pursuant to its agreement with the Company.

The implementation of the Programme is in line with the Company's stated financial policies and thresholds.

Any buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the FCA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (which are part of UK law by virtue of the European Union (Withdrawal) Act 2018).

The market will be notified in accordance with those rules if and when purchases are made.

For further information please contact:

Investors
Martin Fewings	t: [phone]	m: [phone]	[e-mail]
Media
Charles Watenphul	t: [phone]	m: [phone]	[e-mail]
Company Secretarial
John Burton	t: [phone]	m: [phone]	[e-mail]
Nicola Leigh	t: [phone]	m: [phone]	[e-mail]
Lionel Mateo	t: [phone]	m: [phone]	[e-mail]

www.glencore.com    

Glencore LEI:   2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.

With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.

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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

 

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