Burberry Group PLC Transaction in Own Shares (4417F)
04 Noviembre 2022 - 11:54AM
UK Regulatory
TIDMBRBY
RNS Number : 4417F
Burberry Group PLC
04 November 2022
Burberry Group plc
Burberry Group plc - Share repurchase programme
Burberry Group plc ("Burberry" or the "Company") announces that,
in connection with the
continuation of the share buyback programme (the " Programme " )
of GBP400 million which it announced
on 18 May 2022, the Company will commence the second 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 second tranche of the Programme is subject to
remaining within the authority granted
at the Annual General Meeting on 12 July 2022 (the " AGM " )
(the AGM authority is for a maximum
of 39,670,000 ordinary shares) and will take place during the
period starting on 7 November 2022 and ending no later than 6 March
2023 (the " Engagement Period " ). The purpose of the Programme is
to reduce the share capital of Burberry. The first tranche of the
Programme , which Burberry announced on 30 June 2022, ended within
the previously announced engagement period on 1 November 2022.
Morgan Stanley & Co International plc, who undertook the first
tranche for Burberry, pur chased 11,665,551 ordinary shares for a
total consideration of GBP199,999,985.94.
The maximum number of ordinary shares which may be purchased by
the Company under the second tranche of the Programme is
29,802,748, 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 first tranche of
the Programme, (excluding shares purchased between 1 and 11 July
2022 under the authority granted at the Annual General Meeting on
14 July 2021). The existing shareholder authority to buy back
shares granted at the AGM expires on the conclusion of the
Company's 20 23 Annual General Meeting (or, if earlier, 12 October
2023).
The Company has entered into an agreement with J.P. Morgan
Securities plc ( " JPMS plc " ) under
which it has issued an irrevocable instruction to JPMS plc to
manage the second tranche of the
Programme. JPMS plc will carry out the instruction through the
acquisition of ordinary shares in the
Company, acting as riskless principal, for subsequent repurchase
by the Company. This 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.
JPMS plc may undertake transactions in the Company's ordinary
shares (which may include sales and hedging activities, in addition
to purchases which may take place on any available trading venue or
on an over the counter basis) during the Engagement Period in order
to manage its market exposure under the Programme. Disclosure of
such transactions will not be made by JPMS plc as a result of or as
part of the Programme, but JPMS plc will continue to make any
disclosures it is otherwise legally required to make.
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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November 04, 2022 13:54 ET (17:54 GMT)
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