LONDON (dpa-AFX) - Associated British Foods plc (ASBFY.PK, ABF.L), on Friday, announced that it has entered into a non-discretionary arrangement with Barclays Capital Securities Ltd. to execute the second tranche of its up to £500 million share buyback programme.
The second tranche of the Programme is expected to commence after the completion of the first tranche, with a tentative start date to be announced, no later than 1 May 2024. This tranche will be in the sum of up to £250 million and is anticipated to conclude no earlier than 30 June 2024 and no later than 1 October 2024.
According to the terms of the agreement, Barclays would function as a riskless principal and make independent decisions concerning the Engagement, without involvement from the company. Barclays would execute the agreement by procuring ordinary shares in the company, which would subsequently be repurchased by the company. The purchase of shares may continue during any closed period applicable to the company during the Engagement Period.
The sole objective of this share buyback is to reduce the company's capital. All ordinary shares that are repurchased as a component of this agreement would be terminated.
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