Centrica plc
Commencement of next tranche of share
buyback
In line with the capital allocation
framework laid out in July 2023, and as part of its ongoing
commitment to return surplus capital to shareholders, Centrica plc
(the "Company") announces the commencement of the next £250 million
tranche of its £1 billion share repurchase programme.
Since 15 November 2022 the Company
has repurchased approximately £750 million of its ordinary shares.
Execution of the tranche announced today (the "Second Tranche") of
the £450 million share repurchase programme extension (the
"2023-2024 Programme"), which was announced on 27 July 2023, will
take the total amount of ordinary shares repurchased to
approximately £1 billion.
For the Second Tranche, the Company
has entered into an irrevocable arrangement with BNP Paribas
Financial Markets S.N.C. ("BNP Paribas") (acting as riskless
principal) to conduct the repurchases in respect of the Second
Tranche on its behalf and to make trading decisions in respect of
the Second Tranche independently of the Company.
The arrangement with BNP Paribas
enables the purchase of ordinary shares for a period from 5 March
2024 up to and including 31 July 2024. The aggregate maximum
consideration for the purchase of ordinary shares under the Second
Tranche is £250 million (exclusive of associated fees, expenses and
stamp duty), representing an amount equal to the aggregate value of
approximately 3.7% of the Company's issued share capital at the
closing share price on 4 March 2024. BNP Paribas may effect
purchases of shares under the Second Tranche on the London Stock
Exchange and/or other trading venues for subsequent purchase by the
Company. Purchases by the Company will be treated as being made on
the London Stock Exchange. The Company intends that any shares
purchased will be (i) cancelled; or (ii) held in treasury pending
their cancellation.
The purpose of the 2023-2024
Programme is to reduce the capital of the
Company.
Any share purchase will be carried
out in accordance with certain pre-set parameters. The maximum
number of ordinary shares which may be purchased by the Company
under the Second Tranche is 430,630,570, which is the maximum
pursuant to the authority granted by shareholders at the Company's
2023 Annual General Meeting less the number of shares repurchased
in the first £200 million tranche (the "First Tranche") of the
2023-24 Programme, which commenced on 10 October 2023 and completed
on 1 March 2024.
The Second Tranche 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. No repurchases will be made in respect of the
Company's American Depositary Receipts.
The Company will make further
announcements in due course following any repurchase of shares.
There is no guarantee that the Second Tranche will be implemented
in full or that any shares will be bought back by the
Company.
Enquiries:
Investors and Analysts
T: 01753 494900
E: ir@centrica.com
Media
T: 01784 843000
E: media@centrica.com
END
Centrica plc is listed on the London
Stock Exchange (CNA)
Registered Office: Millstream,
Maidenhead Road, Windsor, Berkshire SL4 5GD
Registered in England & Wales
number: 3033654
Legal Entity Identifier number:
E26EDV109X6EEPBKVH76
ISIN number: