WPP Wpp Plc

TIDMWPP

RNS Number : 6243H

WPP PLC

05 August 2021

 
 FOR IMMEDIATE RELEASE   5 August 2021 
 

WPP plc ("WPP")

Share buy-back 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 GBP250m (the "Programme"). Ordinary 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 5 August 2021 and ending no later than 22 October 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 venues(1) and will be effected within certain pre-set parameters. WPP's shareholders generally authorised WPP to purchase up to a maximum of 121,258,871 Ordinary Shares at its 2021 Annual General Meeting held on 9 June 2021, 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 2022 and 1 September 2022. 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's hedging counterparty, BNP Paribas (or any affiliate) may undertake transactions in Ordinary Shares (which may include sales, derivatives, and other hedging activities, in addition to purchases) in order to manage its market exposure resulting directly or indirectly from the Programme. Exane BNP Paribas and BNP Paribas (or any affiliate) will make any disclosures they are 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           +44 7909 907193 
 Fran Butera (US)            +1 914 484 1198 
 
 Media 
 Chris Wade, WPP             +44 (0)20 7282 4600 
 
 Richard Oldworth,           +44 20 7466 5000 
  Buchanan Communications     +44 7710 130 634 
 

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

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August 05, 2021 02:45 ET (06:45 GMT)

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