Glanbia PLC Glanbia launches further share buyback

RNS Number : 1173Q

Glanbia PLC

16 December 2024

 

Glanbia launches further share buy-back of up to €50m

 

16 December 2024, Glanbia plc, the Better Nutrition company, (the "Company" or the "Group") announces that, from today, it will commence a share buy-back programme of up to €50 million in total value in Glanbia plc ordinary shares ("Shares"). The purpose of the share buy-back programme is to reduce the share capital of the Company (any Shares repurchased for this purpose will be cancelled). This programme is being carried out under the €50 million share buyback authority announced by the Company on 6 November 2024.

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 16 December 2024, through to 30 June 2025, unless otherwise terminated in accordance with the Company's agreement with Davy and prevailing authority.

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 The Company confirms that it currently has no unpublished inside information.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 as set out in Resolution 11 approved by the Company's shareholders at the 2024 Annual General Meeting ("AGM") on 1 May 2024 up to a maximum of 10% of the issued share capital of the Company as at 6 March 2024, being 26,489,128 ordinary shares, which has been reduced by 4,264,456 ordinary shares to 22,224,672 ordinary shares as a consequence of the part of the €100 million buyback announced by the Company on 28 February 2024 completed between 1 May 2024 and 26 June 2024 and 14 August 2024 and 2 December 2024. Following the expiry of the 2024 AGM repurchase authority, the continuation of the buyback will be conditional on the shareholder approval of a repurchase general authority at the AGM on 30 April 2025.

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.

ENDS

For further information contact:

Glanbia plc                                                                                                       [phone] 

Mark Garvey, Group Finance Director

Liam Hennigan, Group Secretary & Head of Investor Relations:                           [phone]

Martha Kavanagh, Director of Corporate Affairs:                                                 [phone] 

Davy

Ivan Murphy/Ronan Veale                                                                                  [phone]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

MSCEAXADFLDLFFA