THE HAGUE (dpa-AFX) - Shell Plc (SHEL), on Thursday, announced that it has commenced trading in the second tranche of its US$8.5 billion share buyback programme previously announced on February 3, 2022.
The company completed the first tranche of this share buyback programme on May 4, 2022. In aggregate, between February 3, 2022 and May 4, 2022, the company repurchased 148,200,897 ordinary shares for an aggregate consideration of $4 billion.
Subject to market conditions, the second tranche of this buyback programme is intended to be completed by the company's Q2 results, which are scheduled for July 28, 2022.
In the second tranche, the company has entered into an irrevocable, non-discretionary arrangement with a broker to enable the purchase of ordinary shares for a period up to and including July 22, 2022.
The maximum number of ordinary shares which may be purchased by the company under the second tranche is 473,893,931. The aggregate maximum consideration for the purchase of ordinary shares under the second tranche is $4.5 billion.
Shell noted that the purpose of the second tranche is to reduce the issued share capital of the company. All shares repurchased as part of the second tranche will be cancelled.
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