Glanbia launches share buy-back of up to EUR50m

RNS Number : 4120R

Glanbia PLC

01 March 2023

 

Glanbia launches share buy-back of up to 50m

01 March 2023, 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 buy-back programme is to reduce the share capital of the Company (any Shares repurchased for this purpose will be cancelled).

Details of the programme  

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 pre-set parameters.

The programme will run from 01 March 2023, through to 31 May 2023, unless otherwise terminated in accordance with the Company's agreement with Davy and prevailing authority.

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 The Company confirms that it currently has no unpublished inside information.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 initially be conducted within the limitations of the Company's general authority to repurchase shares as set out in Resolution 12 approved by the Company's shareholders at the 2022 Annual General Meeting ("AGM") on 5 May 2022 up to a maximum of 10% of the issued share capital of the Company as at 22 March 2022 being 28,044,569 ordinary shares which has been reduced to 23,743,454 ordinary shares as a consequence of subsequently completed buybacks. This authority will expire on the close of business on the day of the AGM of the Company, to be held on 4 May 2023. Following the expiry of the 2022 AGM repurchase authority, the continuation of the buyback will be conditional on the shareholder approval of a repurchase general authority at the AGM on 4 May 2023.

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 (also as in force in the United Kingdom ("UK"), from time to time, including, where relevant, pursuant to the UK's Market Abuse (Amendment) (EU Exit) Regulations 2019) 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 Secretary & Head of Investor Relations:  [phone]

Martha Kavanagh, Head of Corporate Communications:                                       [phone] 

Davy

Ivan Murphy/Ronan Veale                                                                                        [phone]

 

END

 

 

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