Drax Group PLC Drax Group plc Share Repurchase Programme (5390L)
20 April 2018 - 4:00PM
UK Regulatory
TIDMDRX
RNS Number : 5390L
Drax Group PLC
20 April 2018
20 April 2018
DRAX GROUP PLC
(Symbol: DRX)
Share Repurchase Programme
Drax Group plc (the Company) today announces that it is
commencing a GBP50 million share buy-back programme of the
Company's shares of 11 (16) /(29) pence each (the Programme). The
purpose of the Programme is to reduce the Company's share capital.
The shares purchased by the Company will be held in treasury
pending cancellation or re-issue.
The maximum number of shares that may be repurchased by the
Company under the Programme is 40,670,254. The Programme is
expected to be completed no later than 21 January 2019.
The Company has entered into an agreement with J.P. Morgan
Securities plc (JPMS plc) pursuant to which it has issued an
irrevocable instruction to JPMS plc to manage the Programme. JPMS
plc will carry out the Programme through the acquisition of
ordinary shares in the Company within certain pre-defined
parameters for subsequent repurchase by the Company. The
arrangement agreed is in accordance with Chapter 12 of the UKLA
Listing Rules and Article 5 of the Market Abuse Regulation
596/2014/EU dealing with buy-back programmes.
JPMS plc may undertake transactions in 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) 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:
Investor Relations:
Mark Strafford
+44 (0) 1757 612 491
Media:
Ali Lewis
+44 (0) 1757 612 165
Website: www.drax.com
END
This information is provided by RNS
The company news service from the London Stock Exchange
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