NatWest Group plc Commencement of On Market Share Buyback Programme (3626Q)
February 20 2023 - 2:00AM
UK Regulatory
TIDMNWG
RNS Number : 3626Q
NatWest Group plc
20 February 2023
NatWest Group plc
20 February 2023
Commencement o f On Market S h a re B u y b ack Pro g r a
mme
NatWest Group plc (the "Company" or "NWG") announces the
commencement of its programme to buyback ordinary shares in the
Company with a nominal value of GBP1.076923076923077 each
("Ordinary Shares").
On 17 February 2023, NWG announced its full year results and a
share buyback programme (the "Programme") of up to GBP800 million.
The Programme will commence on 20 February 2023 and will end no
later than 20 July 2023, provided that the term of the Programme
may be extended to end no later than 28 July 2023 to account for
certain disruption events during the initial term of the
Programme.
The Programme, the purpose of which is to reduce the issued
share capital of NWG, will be for an aggregate market value
equivalent of up to GBP800 million and will take place within the
limitations of the authority granted by shareholders to the Board
of NWG at its Annual General Meeting, held on 28 April 2022 and
amended at its General Meeting held on 25 August 2022 to preserve
the position that would have applied had the Share Consolidation
not taken place (the "2022 Authority"). The 2022 Authority is due
to expire at the conclusion of the 2023 AGM, or 30 June 2023,
whichever is earlier (the "Expiry Date"). However, as Ordinary
Shares are being purchased under the Programme which will have
commenced prior to the Expiry Date, the 2022 Authority allows
purchases to continue after such date and, therefore, up to 28 July
2023.
The maximum number of Ordinary Shares that can be purchased by
NWG under the Programme is 966,284,391 . This number reflects the
impact on the 2022 Authority of the reduction in issued share
capital following the off-market buyback announced on 28 March
2022.
NWG has entered into non-discretionary instructions with UBS AG,
London Branch to conduct the Programme on its behalf and to make
trading decisions under the Programme independently of NWG.
NWG intends to cancel the repurchased Ordinary Shares.
Further information:
Investor Relations
+ 44 (0)207 672 1758
Media Relations
+44 (0)131 523 4205
Legal Entity Identifier: 2138005O9XJIJN4JPN90
Disclaimer
This announcement is for information purposes only and does not
constitute or form a part of an offer to sell or a solicitation of
an offer to purchase, or the solicitation to sell, any securities
of the Company.
No Purchases in the United States and No Purchases of American
Depositary Receipts ("ADRs")
Purchases of Ordinary Shares under the Programme will be made
outside the United States only. There will be no purchases of
Ordinary Shares from within the United States or from persons known
to be located in the United States, and there will be no purchases
of the Company's ADRs under the Programme.
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END
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