Commencement of buy-back
Loginet3 AG
n/a
09:55 25/06/24
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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 -
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