BAE SYSTEMS PLC Commencement of buy-back
25 Julio 2024 - 1:00AM
RNS Regulatory News
RNS Number : 7243X
BAE SYSTEMS PLC
25 July 2024
25 July
2024
BAE Systems plc
Commencement of
buy-back
BAE Systems plc (the "Company") announces that
it has entered into arrangements with J.P. Morgan Securities plc
("JPMS plc") in relation to the first tranche (the "First Tranche")
of the three-year up to £1.5bn share buy-back programme announced
on 2 August 2023 (the "Buy-back Programme").
The Company has instructed JPMS plc, acting as
riskless principal, to carry out on-market purchases of ordinary
shares of 2.5 pence each in the Company ("Ordinary Shares") for up
to a maximum consideration of £500m. The First Tranche of the
Buy-back Programme is expected to be completed by 25 July
2025.
The purpose of the Buy-back Programme is to
reduce the share capital of the Company and therefore Ordinary
Shares purchased under the First Tranche of the Buy-back Programme
will be cancelled.
Any purchases of Ordinary Shares under the First
Tranche of the Buy-back Programme 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 at the annual general
meeting on 9 May 2024 (the "2024 Authority"), the applicable UK
Listing Rules, Article 5(1) of the Market Abuse Regulation (EU) No
596/2014 (as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018, as amended), the Commission
Delegated Regulation (EU) No 2016/1052 (as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended), and other applicable laws.
The maximum number of Ordinary Shares that may
be repurchased under the First Tranche of the Buy-back Programme
will be such number as is equal to the number of Ordinary Shares
the Company is authorised to repurchase under the 2024 Authority
(302,815,089 Ordinary Shares).
- ENDS -
For further information, please
contact:
Investors
Media
Martin
Cooper
Kristina Anderson
Investor Relations
Director
Director, Media Relations
Telephone: +44 (0) 3300 46
6802
Telephone: +44 (0) 7540 628673
Email:
investors@baesystems.com
Email: Kristina.anderson@baesystems.com
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END
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