Ferguson PLC Announces Share buy back program
Ferguson plc has initiated a share repurchase program, continuing from a previous announcement in September 2021. The new arrangement with J.P. Morgan Securities PLC will run from January 14, 2022, until April 6, 2022, with a maximum allocation of £275 million out of a total of up to $1 billion for the entire program. This initiative aims to reduce the company's capital and may help satisfy employee stock options. Ferguson received authorization to buy up to 22.2 million shares, supporting long-term shareholder value.
- Initiation of a share repurchase program valued at £275 million.
- Continues from a previously announced program, ensuring consistent capital management.
- Authorized to purchase up to 22.2 million shares, enhancing shareholder value.
- None.
WOKINGHAM, UK / ACCESSWIRE / January 14, 2022 / Ferguson plc (the "Company") announces that, in continuation of the share repurchase program announced by the Company on September 30, 2021 (the "Program"), it has entered into an irrevocable and non-discretionary arrangement with its broker J.P. Morgan Securities PLC ("JPMS") commencing from January 14, 2022 and ending no later than April 6, 2022. JPMS, an independent third party, will act as principal and will make trading decisions concerning the timing of the purchases of the Company's shares independently of the Company. JPMS will carry out the instruction through the acquisition by JPMS, acting as principal, of ordinary shares in the Company for subsequent purchase by the Company. JPMS may undertake transactions in shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the period of the Program in order to manage its market exposure under the Program. Disclosure of such transactions will not be made by JPMS as a result of or as part of the Program, but JPMS will continue to make any disclosures it is otherwise legally required to make.
The maximum pecuniary amount allocated to this tranche of the Program is £275 million. The value of shares repurchased by the Company under the Program pursuant to the various arrangements entered into with its brokers will not, in aggregate, exceed US
The Company's shareholders generally authorized the Company to purchase up to a maximum of 22,186,462 of its ordinary shares at its Annual General Meeting held on December 2, 2021. Pursuant to such authority, the Company intends to continue purchasing shares under the Program. The Company anticipates that it will request a similar general authority from shareholders at its Annual General Meeting expected to be held in November/December 2022 pursuant to which (to the extent the Program has not been completed by then) purchases of shares under the Program will continue. The aggregate number of shares acquired by the Company pursuant to the Program shall not exceed the maximum number of shares which the Company is authorized to purchase pursuant to such general authorities. As announced on September 30, 2021, it is intended that any shares repurchased under the Program will be transferred into treasury.
The purpose of the Program is to reduce the capital of Ferguson plc. To the extent required, the Company may in future use the repurchased shares to satisfy employee share options. Any purchases of shares by the Company in relation to the Program will be carried out on the London Stock Exchange and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase shares granted by its shareholders, the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules.
For further information please contact
Ferguson plc
| Brian Lantz, Vice President IR and Communications | Mobile: | +1 224 285 2410 |
| Pete Kennedy, Director of Investor Relations | Mobile: | +1 757 603 0111 |
Media Enquiries
| Mike Ward, Head of Corporate Communications | Mobile: | +44 (0) 7894 417060 |
| Nina Coad / David Litterick (Brunswick) | Tel: | +44 (0) 20 7404 5959 |
| Jonathan Doorley (Brunswick) | Tel: | +1 917 459 0419 |
About Ferguson plc
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SOURCE: Ferguson PLC
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FAQ
What is the purpose of Ferguson's share buy-back program?
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When does the new share repurchase program start and end?
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