Share Repurchase Agreement
12 Dicembre 2019 - 2:00PM
Business Wire
WPP (NYSE:WPP) announces that it has entered into a
non-discretionary agreement with Goldman Sachs International
(“Goldman Sachs”) on 11 December 2019 in relation to the purchase
by Goldman Sachs, acting as principal, of WPP’s ordinary shares of
10 pence each (“Ordinary Shares”) for an aggregate purchase price
of up to £300m (the “Programme”). Shares acquired by Goldman
Sachs under the agreement will be simultaneously on-sold by Goldman
Sachs to WPP. The purchase of shares in accordance with the
Programme will take place during the period commencing 12 December
2019 and ending no later than 18 March 2020. The purpose of the
Programme is to reduce the share capital of WPP.
Any purchase of Ordinary Shares contemplated by this
announcement will be carried out on the London Stock Exchange
and/or other trading venues1 and will be effected within certain
pre-set parameters. WPP’s shareholders generally authorised WPP to
purchase up to a maximum of 126,188,373 Ordinary Shares at its 2019
Annual General Meeting held on 12 June 2019, subject to certain
limitations (the “Authority”). The aggregate number of Ordinary
Shares acquired by the Company pursuant to the Programme shall not
exceed the maximum number of Ordinary Shares which the Company is
authorised to purchase pursuant to the Authority. The Programme
will be executed in accordance with (and subject to the limits
prescribed by) the Authority and will be conducted within the
parameters prescribed by the Market Abuse Regulation 596/2014, the
Commission Delegated Regulation (EU) 2016/1052 and in accordance
with Chapter 12 of the Listing Rules. Any market repurchase of
Ordinary Shares will be announced no later than 7.30am on the
business day following the calendar day on which the repurchase
occurred.
Goldman Sachs may undertake transactions in shares (which may
include sales and hedging activities, in addition to purchases) in
order to manage its market exposure under the Programme. Goldman
Sachs will make any disclosures it is legally required to make in
relation to such transactions.
This announcement is being distributed to all owners of Ordinary
shares and American Depository Receipts. Copies are available to
the public at the Company’s registered office.
The following cautionary statement is included for safe harbour
purposes in connection with the Private Securities Litigation
Reform Act of 1995 introduced in the United States of America. This
announcement may contain forward-looking statements within the
meaning of the US federal securities laws. These statements are
subject to risks and uncertainties that could cause actual results
to differ materially including adjustments arising from the annual
audit by management and the Company’s independent auditors. For
further information on factors which could impact the Company and
the statements contained herein, please refer to public filings by
the Company with the Securities and Exchange Commission. The
statements in this announcement should be considered in light of
these risks and uncertainties.
_________________________ 1Includes BATS, Chi-X and
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wpp.com/investors
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