6
November 2024
Associated British Foods plc
Associated British Foods plc share repurchase
programme
Further to its announcement on 5
November 2024, Associated British Foods plc (the "Company") announces that it is to
commence the first tranche of its up to £500 million share buyback
programme (the "Programme").
The first tranche will be in the sum
of up to £250 million with trading to commence today and is
anticipated to end on or before 15 April 2025 (the "Engagement Period").
To execute the first tranche of the
Programme, the Company has entered into a non-discretionary
arrangement with UBS AG London Branch
("UBS") to buy back up to £250 million of its ordinary shares (the
"Engagement").
Under this arrangement, UBS will act
as riskless principal and will make decisions independently from
the Company under the Engagement. UBS will carry out the
arrangement through the acquisition of ordinary shares in the
Company for subsequent repurchase by the Company. Purchases may
continue during any closed period to which the Company is subject
during the Engagement Period.
The sole purpose of the share buyback
is to reduce the capital of the Company. All ordinary shares
repurchased as part of this arrangement will be
cancelled.
Share purchases will take place in
open market transactions and be carried out on the London Stock
Exchange, BATS, Chi-X and Aquis exchanges and may be made from time
to time depending on market conditions, share price, trading volume
and other factors.
Any purchases of ordinary shares by
the Company in relation to this announcement will be effected
within certain pre-set parameters and in accordance with (and
subject to the limits prescribed by) the Company's general
authority to repurchase ordinary shares granted by its shareholders
from time to time (at the Company's AGM on 8 December 2023,
shareholders gave the Company authority to purchase a maximum of
76,519,596 ordinary shares of which 53,540,214 remains available),
the Market Abuse Regulation 596/2014 (as it forms part of UK law
pursuant to the European Union (Withdrawal) Act 2018) and Chapter
9.6 of the Financial Conduct Authority's UK Listing
Rules.
The Company intends to enter into
arrangements to commence a second tranche of the Programme in the
sum of £250 million in due course.
Further enquiries:
Associated British
Foods:
Tel: 020 7399
6545
Eoin Tonge,
Finance Director
Chris Barrie, Corporate Affairs Director
Citigate Dewe
Rogerson:
Tel: 020 7638
9571
|
Kevin
Smith
|
Tel:
07710 815924
|