SSE PLC Non-Discretionary Share Buyback Programme (9149A)
28 Settembre 2022 - 08:02AM
UK Regulatory
TIDMSSE
RNS Number : 9149A
SSE PLC
28 September 2022
SSE Plc
Non-Discretionary Share Buyback Programme
SSE plc (the 'Company') confirmed on 30 August 2022 that it
would initiate a GBP125m share buyback programme in line with its
strategy to cap the scrip dividend option at 25% of investor
take-up. This share buyback programme is being undertaken solely in
order to honour SSE's existing commitment to cap scrip dividend
take-up at 25%. SSE is currently investing at record levels, ahead
of profits, and has committed to reinvesting any additional profits
derived from market variability directly back into energy
infrastructure that will help tackle the underlying cause of the
current energy crisis. In November 2021, SSE set out a lower,
rebased dividend plan from 2023/24 as it prioritised growth and
investment. Its current plans could see it invest GBP25bn in the UK
and Ireland alone by the end of the decade, assuming a continued
supportive policy environment.
In line with this, the Company announces that it has instructed
both Credit Suisse International ('Credit Suisse') and Morgan
Stanley & Co. International plc ('Morgan Stanley') in relation
to an irrevocable non-discretionary programme to repurchase its
ordinary shares for cancellation (the 'Programme'). The Programme
will not exceed 6,904,083 ordinary shares, and the maximum
pecuniary amount allocated to it is GBP125,000,000 (excluding
expenses). The end date for the Programme will be the earlier of:
when one of the aforementioned parameters are achieved; or 31
December 2022. The first half of the Programme will be executed by
Credit Suisse and the second half will be executed by Morgan
Stanley.
Any share purchases under the Programme will be effected within
certain pre-set parameters, and in accordance with the Company's
share buyback authority granted by shareholders at the Company's
Annual General Meeting on 21 July 2022 (being up to 106,767,170
shares), the Market Abuse Regulation (596/2014) as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 as supplemented by the Market Abuse (Amendment) (EU Exit)
Regulations SI2019/310 and the Commission Delegated Regulation (EU)
2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014
of the European Parliament and of the Council with regard to
regulatory technical standards for the conditions applicable to
buyback programmes and stabilisation measures including as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended by the Financial Conduct
Authority's Technical Standards (Market Abuse Regulation) (EU Exit)
Instrument 2019) and Chapter 12 of the UK Listing Rules. The
Company confirms that it currently has no inside information.
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END
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September 28, 2022 02:02 ET (06:02 GMT)
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