LONDON: Glanbia plc has commenced a share buy-back programme of up to €50 million in total value in Glanbia plc ordinary shares, a news release said.
The purpose of the share buyback programme is to reduce the share capital of the Company.
The Company has entered into an agreement with J&E Davy to act as principal in relation to the purchase of the Company’s Shares, within certain parameters.
The programme will run from 9 November 2020 through to the conclusion of the Company’s next Annual General Meeting, expected to be held in April 2021, 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 The Company confirms that it currently has no unpublished inside information.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 in accordance with the Company’s general authority to repurchase shares, as set out in Resolution 10 approved by the Company’s shareholders at the 2020 Annual General Meeting on 22 April 2020 and up to a maximum of 10% of the issued share capital of the Company.
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 2021 (expected to be in April 2021) or 22 July 2021.
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 2020 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 as well as the rules of the Central Bank of Ireland.
Glanbia plc is an Irish global nutrition group with operations in 32 countries. It has leading market positions in sports nutrition, cheese, dairy ingredients, speciality non-dairy ingredients and vitamin and mineral premixes. Glanbia products are sold or distributed in over 130 countries.
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