Share buyback programme

RNS Number : 8704R

WPP PLC

11 March 2021

 

FOR IMMEDIATE RELEASE

11 March 2021

WPP plc ("WPP")  

Share buyback programme

WPP announces that it has today entered into a non-discretionary agreement with Exane SA ("Exane BNP Paribas") in relation to the purchase by Exane BNP Paribas, acting as riskless principal, of WPP's ordinary shares of 10 pence each ("Ordinary Shares") for an aggregate purchase price of up to £300m (the "Programme"). Shares acquired by Exane BNP Paribas under the agreement will be simultaneously on-sold by Exane BNP Paribas to WPP. The purchase of shares in accordance with the Programme will take place during the period commencing 11 March 2021 and ending no later than 18 June 2021. The purpose of the Programme is to reduce the share capital of WPP.

Any purchase of Ordinary Shares contemplated by this announcement will be carried out on the London Stock Exchange and/or other trading venues¹ and will be effected within certain pre-set parameters. WPP's shareholders generally authorised WPP to purchase up to a maximum of 122,532,907 Ordinary Shares at its 2020 Annual General Meeting held on 10 June 2020, subject to certain limitations (the "Authority"). The aggregate number of Ordinary Shares acquired by the Company pursuant to the Programme shall not exceed the maximum number of Ordinary Shares which the Company is authorised to purchase pursuant to the Authority. The Authority expires on the earlier of the date of the Annual General Meeting of the Company to be held in 2021 and 1 September 2021. The Programme will be executed in accordance with (and subject to the limits prescribed by) the Authority and will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014/EU (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the Commission Delegated Regulation 2016/1052/EU (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) and in accordance with Chapter 12 of the UK Listing Rules. Any market repurchase of Ordinary Shares will be announced no later than 7.30am on the business day following the calendar day on which the repurchase occurred.

Exane BNP Paribas will make any disclosures it is legally required to make in relation to such transactions.

^[1] Includes Cboe BXE, Cboe CXE and Turquoise.

For further information:

Investors and analysts
Peregrine Riviere	[phone]
Fran Butera (US)	[phone]
Media
Chris Wade, WPP	[phone]
Richard Oldworth, Buchanan Communications	[phone] [phone]

About WPP  

WPP is a creative transformation company. We use the power of creativity to build better futures for our people, planet, clients and communities. For more information, visit www.wpp.com.   

ENDS  

 

END

 

 

AGRJMMLTMTIBBLB