Rio Tinto PLC Rio Tinto share buy-back programme (4906R)
22 September 2017 - 2:00AM
UK Regulatory
TIDMRIO
RNS Number : 4906R
Rio Tinto PLC
21 September 2017
Rio Tinto plc share buyback programme
21 September 2017
Rio Tinto today announced that it will commence an additional
$2.5 billion share buy-back programme, returning the proceeds of
the sale of Coal & Allied to its shareholders.
The capital return programme will be executed through a
combination of an off-market buy-back tender, targeting A$700
million (approximately $560 million) of Rio Tinto Limited shares,
with the balance of approximately $1.9 billion of additional funds
being allocated to Rio Tinto's existing on-market purchases of Rio
Tinto plc ordinary shares of 10 pence each (the "Programme").
Today's announcement brings the total Rio Tinto share buy-backs
announced during 2017 to $4 billion, comprising the $2.5 billion
committed today and the $500 million and $1 billion on-market share
buy-back programmes of Rio Tinto plc shares, announced on 8
February 2017 and 2 August 2017.
The new on-market purchases by Rio Tinto plc will commence on 27
December 2017 and will be completed no later than 31 December 2018.
The maximum number of shares that may be purchased by Rio Tinto plc
under the Programme is 100 million.
As part of the on-market portion of the Programme, Rio Tinto plc
has today entered into a separate non-discretionary irrevocable
instruction with J.P. Morgan Securities plc, acting as riskless
principal, in relation to the purchase of its ordinary shares and
making trading decisions concerning the purchase of Rio Tinto plc's
ordinary shares independently of the Company, for the period
between 27 December 2017 and 28 February 2018, for an aggregate
maximum consideration of up to $300 million.
Any purchases of Rio Tinto plc shares under the above
irrevocable instruction will be effected within certain pre-set
parameters, and in accordance with its general authority to
repurchase shares granted by its shareholders at the annual general
meeting of Rio Tinto plc on 12 April 2017, Chapter 12 of the UK
Listing Authority Listing Rules and the provisions of the Market
Abuse Regulation 596/2014/EU dealing with buy-back programmes. The
purpose of the Rio Tinto plc share buy-back is to reduce the share
capital of Rio Tinto plc and accordingly all shares purchased will
be cancelled.
Contacts
media.enquiries@riotinto.com
riotinto.com
Follow @RioTinto on Twitter
Media Relations
Illtud Harri
T +44 20 7781 1152
M +44 7920 503 600
David Outhwaite
T +44 20 7781 1623
M +44 7787 597 493
David Luff
T +44 20 7781 1177
M +44 7780 226 422
Investor Relations, United Kingdom Investor Relations, Australia
John Smelt Natalie Worley
T +44 20 7781 1654 T +61 3 9283 3063
M +44 7879 642 675 M +61 409 210 462
David Ovington Rachel Storrs
T +44 20 7781 2051 T +61 3 9283 3628
M +44 7920 010 978 M +61 417 401 018
Nick Parkinson
T +44 20 7781 1552
M +44 7810 657 556
Rio Tinto plc Rio Tinto Limited
6 St James's Square 120 Collins Street
London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
Registered in England Registered in Australia
No. 719885 ABN 96 004 458 404
This information is provided by RNS
The company news service from the London Stock Exchange
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