Burberry Group PLC Transaction in Own Shares (8950Q)
30 Junio 2022 - 10:19AM
UK Regulatory
TIDMBRBY
RNS Number : 8950Q
Burberry Group PLC
30 June 2022
Burberry Group plc
Burberry Group plc - Share Repurchase Programme
Burberry Group plc ("Burberry" or the "Company") announces that,
in connection with its intention to commence a share buyback
programme (the "Programme") of GBP400 million which it announced on
18 May 2022, the Company will commence the first tranche of the
Programme to purchase ordinary shares in the capital of the Company
up to a maximum consideration of GBP200 million. As announced on 18
May 2022, it is intended that the Programme will be completed in
the period up to 1 April 2023. The first tranche of the Programme
is subject to remaining within the authority granted at the Annual
General Meeting on 14 July 2021 (the "AGM") (the AGM authority is
for a maximum of 40,486,000 ordinary shares) and will take place
during the period starting on 1 July 2022 and ending no later than
4 November 2022 (the "Engagement Period"). The purpose of the
Programme is to reduce the share capital of Burberry.
The maximum number of ordinary shares which may be purchased by
the Company under the first tranche of the Programme is 32 ,083,280
, which is the maximum pursuant to the authority granted by
shareholders at the AGM, less the number of ordinary shares that
were repurchased by the Company pursuant to the share buyback
programme announced on 3 December 2021. The existing shareholder
authority to buy back shares granted at the AGM expires on the
conclusion of the Company's 2022 Annual General Meeting (or, if
earlier, 14 October 2022). Burberry is seeking renewal of
shareholder authority to buy back shares at its 2022 Annual General
Meeting to be held on 12 July 2022.
The Company has entered into an agreement with Morgan Stanley
& Co International Plc (" Morgan Stanley ") under which it has
issued an irrevocable instruction to Morgan Stanley to manage the
first tranche of the Programme. Morgan Stanley will carry out the
instruction through the acquisition of ordinary shares in the
Company, acting as riskless principal, for subsequent repurchase by
the Company. T his arrangement is in accordance with Chapter 12 of
the FCA Listing Rules and the Company's general authority to
repurchase ordinary shares. Burberry will announce any market
repurchase of ordinary shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred. Ordinary shares purchased under the Programme will be
either cancelled or held in treasury and used to meet obligations
arising from employee share plans.
Morgan Stanley may undertake transactions in the Company's
ordinary shares (which may include sales and hedging activities, in
addition to purchases) in order to manage its market exposure under
the Programme. Morgan Stanley will make any disclosures it is
legally required to make in relation to such transactions.
Enquiries
Investors and analysts
Julian Easthope VP, Investor 020 3367 4458
Relations julian.easthope@burberry.com
Media
Andrew Roberts SVP, Corporate Relations 020 3367 3764
and Engagement andrew.roberts@burberry.com
This announcement does not constitute an invitation to
underwrite, subscribe for or otherwise acquire or dispose of any
Burberry Group plc shares, in the UK, or in the US, or under the US
Securities Act 1933 or in any other jurisdiction.
Burberry is listed on the London Stock Exchange (BRBY.L) and is
a constituent of the FTSE 100 index. ADR symbol OTC:BURBY.
BURBERRY, the Equestrian Knight Device, the Burberry Check and
the Thomas Burberry Monogram and Print are trademarks belonging to
Burberry.
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END
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June 30, 2022 11:19 ET (15:19 GMT)
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