Glanbia PLC Glanbia launches share buy-back of up to EUR50m (8999U)
December 08 2021 - 1:01AM
UK Regulatory
TIDMGLB
RNS Number : 8999U
Glanbia PLC
08 December 2021
Glanbia launches share buy-back of up to EUR50m
8 December 2021, 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 EUR50 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).
Commenting today, Siobhan Talbot, Group Managing Director of
Glanbia plc said:
"Glanbia will deliver strong operating cash flow this year while
continuing to invest in growth opportunities and shareholder
returns. In line with our capital allocation policy, today we are
launching a new share buyback programme of up to EUR50 million
given the continued strong cash performance of the business in
2021."
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 8 December 2021, through to the date
three business days' prior to the Company's next Annual General
Meeting, expected to be held in May 2022, 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that it currently has no unpublished inside information.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 within the
limitations of the Company's general authority to repurchase
shares. A s set out in Resolution 10 approved by the Company's
shareholders at the 2021 Annual General Meeting on 6 May 2021 and
up to a maximum of 10% of the issued share capital of the Company
(being 29,129,518 ordinary shares which has been reduced to
25,620,511 ordinary shares following the completion of the latest
buyback programme). 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 2022
(expected to be in May 2022) or 5 August 2022.
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 2021 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 (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.
The share buyback 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.
Inside information
This announcement contains inside information as set out in the
title "Glanbia launches share buy-back of up to EUR50 million". The
person responsible for arranging for the release of this
announcement on behalf of Glanbia plc is Michael Horan, Company
Secretary. The time and date of this announcement is, at 7.02 am
GMT, 08 December 2021.
ENDS
For further information contact:
Glanbia plc +353 56 777 2200
Mark Garvey, Group Finance Director
Liam Hennigan, Group Director of Strategic Planning & Investor Relations: +353 86 046 8375
Martha Kavanagh, Director of Corporate Affairs: +353 87 646
2006
Davy
+353 1 679 7788
Ivan Murphy/Ronan Veale
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