Greencore Group PLC Launch of Second Share Buyback Programme (8485H)
29 November 2022 - 06:01PM
UK Regulatory
TIDMGNC
RNS Number : 8485H
Greencore Group PLC
29 November 2022
29 November 2022
Greencore Group plc
Launch of Second Share Buyback Programme
On 24 May 2022, Greencore Group plc ("Greencore" or the
"Group"), a leading manufacturer of convenience foods in the UK,
announced its intention to commence a share buyback programme
during the course of 2022.
Following the completion of its GBP10 million share buyback
programme between 26 July 2022 and 6 October 2022, the Company
today announces that it has entered into non-discretionary
arrangements with Shore Capital Stockbrokers Limited (acting as
principal) to conduct a further share buyback programme and to buy
back ordinary shares (the "Shares") for a maximum aggregate
consideration of up to GBP15 million and to make trading decisions
under the Programme independently of the Group in accordance with
certain pre-set parameters (the "Buyback").
The Buyback will commence today 29 November 2022 and will end no
later than 31 May 2023 subject to market conditions. Under the
terms of the Programme, the Shares will be repurchased on the
London Stock Exchange and will be cancelled.
The maximum number of Shares which can be repurchased under the
Buyback is 41,259,416 Shares. The purpose of the Buyback is to
reduce the share capital of the Company in line with this
announcement. It will be conducted at all times within the limits
of the applicable authority granted by shareholders to repurchase
the Company's ordinary shares in issue (the "Authority").
The Buyback will also be conducted within the parameters
prescribed by the Market Abuse Regulation 596/2014 and the
Commission Delegated Regulation (EU) 2016/1052 (also as in force in
the UK, from time to time, including, where relevant, pursuant to
the UK's European Union (Withdrawal) Act 2018 and the Market Abuse
(Amendment) (EU Exit) Regulations 2019) as well as the applicable
laws and regulations of the UK Financial Conduct Authority.
The Programme may be augmented by the purchase of Shares by way
of block trades in accordance with the Company's general authority
to repurchase shares.
The Group will make further announcements in due course
following any buy back of Shares. There is no guarantee that the
Programme will be implemented in full or that any Shares will be
bought back by the Group.
Commenting on the launch, Gary Kennedy, Non-Executive Chair,
said:
"We are pleased to launch our second share buyback programme of
2022 today as part of our commitment to recommence value return to
shareholders. As previously announced, we plan to return up to
GBP50m over the next two years, initially in the form of this
buyback programme and with the ongoing flexibility to return value
in the form of buyback, dividends or both. This is underpinned by
our strong balance sheet and continued optimism around our business
prospects".
For further information, please contact:
Gary Kennedy Non-Executive Chair Tel: +353 (0)
1 486 3313
Emma Hynes Chief Financial Officer Tel: +353 (0)
1 486 3307
Damien Moynagh General Counsel and Tel: +353 (0)
Group Company Secretary 1 486 3308
Rob Greening/ Nick Hayns/ Powerscourt Tel: +44 (0) 20
Sam Austrums 7250 1446
Billy Murphy/ Claire Rowley/ Drury Communications Tel: +353 (0)
Cian Doherty 1 260 5000
About Greencore
We are a leading manufacturer of convenience food in the UK and
our purpose is to make every day taste better. To help us achieve
this we have a model called The Greencore Way, which is built on
the differentiators of People at the Core, Great Food, Excellence
and Sustainability - The Greencore Way describes both who we are
and how we will succeed.
We supply all of the major supermarkets in the UK. We also
supply convenience and travel retail outlets, discounters, coffee
shops, foodservice and other retailers. We have strong market
positions in a range of categories including sandwiches, salads,
sushi, chilled snacking, chilled ready meals, chilled soups and
sauces, chilled quiche, ambient sauces and pickles, and frozen
Yorkshire Puddings.
In FY22 we manufactured 795m sandwiches and other food to go
products, 127m chilled prepared meals, and 249m bottles of cooking
sauces, pickles and condiments. We carry out more than 10,600
direct to store deliveries each day. We have 16 world-class
manufacturing sites and 18 distribution centres in the UK, with
industry-leading technology and supply chain capabilities. We
generated revenues of GBP1.7bn in FY22 and employ more than 14,000
people. We are headquartered in Dublin, Ireland.
For further information go to www.greencore.com or follow
Greencore on social media.
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