Burberry Group PLC Transaction in Own Shares (4604E)
June 30 2023 - 2:00AM
UK Regulatory
TIDMBRBY
RNS Number : 4604E
Burberry Group PLC
30 June 2023
Burberry Group plc
Burberry Group plc - Share Repurchase Programme
Burberry Group plc ("Burberry" or the "Company") today announces
the commencement of its GBP400 million share buyback programme (the
"Programme"), as announced on 18 May 2023, to be
completed by 15 December 2023. The purpose of the Programme is
to reduce the share capital of Burberry.
Burberry plans to execute the Programme in two tranches. The
Company has entered into an agreement with Merrill Lynch
International (" Merrill Lynch ") under which it has issued a
non-discretionary irrevocable instruction to Merrill Lynch to
manage the first tranche of the Programme.
Merrill Lynch will carry out the instruction through the
acquisition of ordinary shares in the Company, acting as riskless
principal, for subsequent repurchase by the Company for an
aggregate purchase price of up to GBP200 million. The first tranche
of the Programme will commence today and end no later than 22
September 2023.
The second tranche of the Programme will commence promptly on
completion of the first tranche. The Company has entered into an
agreement with Morgan Stanley & Co International Plc ("Morgan
Stanley") under which it has issued a non-discretionary irrevocable
instruction to Morgan Stanley to manage the second tranche of the
Programme. Morgan Stanley will carry out the instruction through
the acquisition of ordinary shares in the Company, acting as
riskless principal, for subsequent repurchase by the Company for an
aggregate purchase price of up to GBP200 million. The second
tranche will commence following the end of the Merrill Lynch
instruction and end no later than 15 December 2023.
The maximum number of ordinary shares which may be purchased by
the Company under the Programme before the conclusion of the
Company's 2023 Annual General Meeting to be held on 12 July 2023
(the "2023 AGM") is 20,392,803, which is the maximum pursuant to
the authority granted by shareholders at the Company's 2022 Annual
General Meeting (the "2022 AGM"), less the number of ordinary
shares that were repurchased by the Company pursuant to the share
buyback programme announced on 30 June 2022 and 4 November 2022.
The maximum number of ordinary shares which may be purchased by the
Company under the Programme after the conclusion of the 2023 AGM is
37,821,000, assuming that an appropriate authorising resolution is
passed at the 2023 AGM. The existing shareholder authority to buy
back shares granted at the 2022 AGM expires on the conclusion of
the 2023 AGM. Burberry is seeking renewal of shareholder authority
to buy back shares at its 2023 AGM.
T his Programme will be executed in accordance with Chapter 12
of the FCA Listing Rules and the Company's general authority to
repurchase ordinary shares. The Programme will be conducted within
the parameters prescribed by the Market Abuse Regulation 596/2014,
the Commission Delegated Regulation (EU) 2016/1052 (both as
incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018) and with regard to regulatory technical
standards for the conditions applicable to buy-back programmes and
stabilisation measures.
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.
Merrill Lynch and Morgan Stanley may undertake transactions in
the Company's ordinary shares (which may include sales and hedging
activities, in addition to purchases) in order to manage their
market exposure under the Programme. Merrill Lynch and Morgan
Stanley will make any disclosures they are legally required to make
in relation to such transactions.
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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