LONDON: Ei Group plc has notified the share buyback programme of up to GBP 35 million with the purpose to reduce the share capital of the company and return funds to shareholders who sell their shares; repurchased shares will be cancelled.
Purchases of ordinary shares pursuant to the Programme will fall within the maximum of 69,536,495 ordinary shares that Ei Group plc was authorised to purchase under the general authority granted by shareholders at the Company’s most recent annual general meeting held on 7 February 2019, and all shares will be purchased within the parameters as to price and daily volume specified in that authority. The Programme is currently expected to end no later than 30 September 2019.
In order to effect the Programme, Ei Group has entered into an agreement with Deutsche Bank AG, London Branch to carry out on-market purchases of its ordinary shares.
This agreement provides Deutsche Bank with authority to carry out market purchases under the Programme independently of the company.