THE SAGE GROUP
PLC
SHARE BUYBACK
PROGRAMME
London 20 November 2024 - The
Sage Group plc ("Sage" or the "Group") today announces that it is
commencing a share buyback programme for aggregate consideration of
up to £400 million. The programme will run from 20 November 2024
and is expected to end no later than 3 June 2025.
The share buyback programme is
consistent with the Group's disciplined capital allocation policy,
and reflects the Board's confidence in Sage's future prospects,
together with Sage's strong cash generation and robust financial
position. Sage continues to have considerable financial flexibility
to drive the execution of its growth strategy.
Further details of the share buyback
programme are set out below.
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Enquiries
The
Sage Group plc: +44 (0) 7341
479956
Jacqui Cartin, Group
Finance
James Sandford, Investor
Relations
David Ginivan, Corporate
PR
FGS
Global: +44 (0) 20 7251
3801
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Conor McClafferty
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Sophia Johnston
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Further details of the share buyback
programme
Sage has entered into
non-discretionary arrangements with J.P. Morgan Securities plc
("J.P. Morgan") and Morgan Stanley & Co. International plc
("Morgan Stanley") (together, the "Brokers") in relation to the
purchase by the Brokers, acting as riskless principals, of ordinary
shares of Sage (the "Shares"). J.P. Morgan will conduct the first
half of the share buyback programme and Morgan Stanley will conduct
the latter half.
The Brokers will make trading
decisions in relation to Shares purchased under the buyback
programme independently of, and uninfluenced by, Sage. The purpose
of the share buyback programme is to reduce the share capital of
Sage. The Brokers will make an on-sale of such Shares to Sage and
all Shares repurchased will be cancelled.
Any purchases of Shares contemplated
by this announcement will be carried out on the London Stock
Exchange and/or other recognised investment exchange(s) and will be
effected within certain pre-set parameters. These arrangements are
in accordance with Sage's general authority to repurchase Shares
granted at its latest Annual General Meeting, Chapter 9 of the UK
Listing Rules, and those provisions of Regulation (EU) No. 596/2014
(as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018) and the Commission Delegated Regulation (EU)
2016/1052 (as incorporated into UK domestic law by the European
Union (Withdrawal) Act 2018) and with regard to regulatory
technical standards for the conditions applicable to buyback
programmes.
The maximum number of Shares which
may currently be purchased or committed to be purchased by Sage
under the buyback programme is 87,944,497, which is the maximum
number remaining as of the date of this announcement pursuant to
the relevant authorities granted by shareholders at Sage's latest
Annual General Meeting.