Launch of Fourth Share Buyback Programme

Greencore Group PLC

10 October 2023

 

10 October 2023

Greencore Group plc

Launch of Fourth Share Buyback Programme

Greencore Group plc ('Greencore' or the 'Group'), a leading manufacturer of convenience foods in the UK, today announces its intention to re-commence its share buyback programme ('Programme') as part of a £50 million return of capital to shareholders as announced in May 2022.

To date Greencore has returned £35 million of the intended £50 million return of capital.

Following the completion of the recent £10 million share buyback programme between May and August 2023, Greencore today announces that it has entered into non-discretionary arrangements with Goodbody Stockbrokers UC acting as agent to conduct a further share buyback programme and to buy back ordinary shares (the 'Shares') for a maximum aggregate consideration of up to £15 million and to make trading decisions under the Programme independently of the Group in accordance with certain pre-set parameters (the 'Buyback').

The Buyback will commence today 10 October 2023 and will end no later than 30 March 2024 subject to market conditions. Under the terms of the Programme, the Shares will be repurchased on the London Stock Exchange and will be cancelled.

The maximum number of Shares which can be repurchased under the Buyback is 26,570,928 Shares. The purpose of the Buyback is to reduce the share capital of the Company in line with this announcement.  It will be conducted at all times within the limits of the applicable authority granted by shareholders to repurchase the Company's ordinary shares in issue.

The Buyback will also be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the UK, from time to time, including, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as the applicable laws and regulations of the UK Financial Conduct Authority.

The Programme may be augmented by the purchase of Shares by way of block trades in accordance with the Company's general authority to repurchase shares.

The Group will make further announcements in due course following any buy back of Shares. There is no guarantee that the Programme will be implemented in full or that any Shares will be bought back by the Group.

Commenting on the launch, Dalton Philips, Chief Executive Officer, said:

"We are pleased to launch our fourth share buyback programme since May 2022 today as part of our wider commitment to return £50 million to shareholders by May 2024. With our strong balance sheet and continued optimism around our business prospects, we retain the ongoing flexibility to return value in the form of buyback, dividends or both and will continue to assess our capital returns policy at the time of year end results."

For further information, please contact:

Jonathan Solesbury	Interim Chief Financial Officer	Tel: [phone]
Damien Moynagh	General Counsel & Company Secretary	Tel: [phone]
Curtis Armstrong	Director of FP&A and IR	Tel: [phone]
David Marshall Jonathan Neilan / Nick Hasell	Head of Capital Markets FTI	Tel: [phone] Tel: [phone]
		Tel: [phone]   [e-mail]

About Greencore

We are a leading manufacturer of convenience food in the UK and our purpose is to make every day taste better. To help us achieve this we have a model called The Greencore Way, which is built on the differentiators of People at the Core, Great Food, Excellence and Sustainability - The Greencore Way describes both who we are and how we will succeed.

In FY22 we manufactured 795m sandwiches and other food to go products, 127m chilled prepared meals, and 249m bottles of cooking sauces, pickles and condiments. We carry out more than 10,600 direct to store deliveries each day. We have 16 world-class manufacturing sites and 18 distribution centres in the UK, with industry-leading technology and supply chain capabilities. We generated revenues of £1.7bn in FY22 and employ more than 14,000 people. We are headquartered in Dublin, Ireland.

For further information go to www.greencore.com or follow Greencore on social media.

 

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