NatWest Group plc
19 February 2024
Commencement of On
Market Share
Buyback
Programme
NatWest Group plc (the "Company")
announces the commencement of its programme to buy back ordinary
shares in the Company with a nominal value of £1.0769* each ("Ordinary
Shares").
On 16 February 2024, the Company
announced its full year results and a share buyback programme (the
"2024 Programme") of up to £300 million. The 2024 Programme
will commence on 19 February 2024 and will end no later than 18
July 2024, provided that the term of the 2024 Programme may be
extended to end no later than 15 August 2024 to account for any
days where usual trading has not been possible because of market
events during the term of the 2024 Programme.
The 2024 Programme, the purpose of
which is to reduce the Company's issued share capital, will take
place within the limitations of the authority granted by
shareholders to the Board of the Company at its Annual General
Meeting, held on 25 April 2023 (the "2023
Authority").
The maximum number of Ordinary Shares
that can be purchased by NWG under the 2024 Programme is
696,743,990**.
The Company 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 the Company.
The Company intends to cancel the
repurchased Ordinary Shares.
* The nominal value of Ordinary
Shares without rounding is £1.076923076923077 per share.
** This number reflects the impact on
the 2023 Authority of the reduction in issued share capital
following the off-market buyback announced on 22 May 2023. It is
further reduced by the number of shares purchased to date by the
Company under the ongoing share buyback programme announced on 31
July 2023 (the "2023
Programme").This
number does not take into account further purchases of
Ordinary Shares which (i) may have taken place but have not, at the
date of this announcement, settled under the 2023 Programme or (ii)
may take place under the 2023 Programme between the date of this
announcement and the conclusion of the 2023 Programme.
These remaining purchases under the 2023 Programme
may occur whilst purchases are taking place under
the 2024 Programme.
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.
Forward-looking statements
This announcement may include
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995, such as
statements that include, without limitation, the words 'expect',
'estimate', 'project', 'anticipate', 'commit', 'believe', 'should',
'intend', 'will', 'plan', 'could', 'probability', 'risk',
'Value-at-Risk (VaR)', 'target', 'goal', 'objective', 'may',
'endeavour', 'outlook', 'optimistic', 'prospects' and similar
expressions or variations on these expressions. These statements
concern or may affect future matters, such as NatWest Group's
future economic results, business plans and
strategies. In
particular, this announcement may include forward-looking
statements relating to NatWest Group plc in respect of, but not
limited to: its economic and political risks, its financial
position, profitability and financial performance (including
financial, capital, cost savings and operational targets), the
implementation of its strategy, its climate and
sustainability-related targets, increasing competition from
incumbents, challengers and new entrants and disruptive
technologies, its access to adequate sources of liquidity and
funding, its regulatory capital position and related requirements,
its exposure to third party risks, its ongoing compliance with the
UK ring-fencing regime and ensuring operational continuity in
resolution, its impairment losses and credit exposures under
certain specified scenarios, substantial regulation and oversight,
ongoing legal, regulatory and governmental actions and
investigations, and NatWest Group's exposure to operational risk,
conduct risk, cyber, data and IT risk, financial crime risk, key
person risk and credit rating risk. Forward-looking statements are
subject to a number of risks and uncertainties that might cause
actual results and performance to differ materially from any
expected future results or performance expressed or implied by the
forward-looking statements. Factors that could cause or contribute
to differences in current expectations include, but are not limited
to, future growth initiatives (including acquisitions, joint
ventures and strategic partnerships), the outcome of legal,
regulatory and governmental actions and investigations, the level
and extent of future impairments and write-downs, legislative,
political, fiscal and regulatory developments, accounting
standards, competitive conditions, technological developments,
interest and exchange rate fluctuations, general economic and
political conditions and the impact of climate-related risks and
the transitioning to a net zero economy. These and other factors,
risks and uncertainties that may impact any forward-looking
statement or NatWest Group plc's actual results are discussed in
NatWest Group plc's 2023 Annual Report on Form 20-F,
and its other public filings. The forward-looking
statements contained in this announcement speak only as of the date
of this announcement and NatWest Group plc does not assume or
undertake any obligation or responsibility to update any of the
forward-looking statements contained in this announcement, whether
as a result of new information, future events or otherwise, except
to the extent legally required.
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.