Barclays PLC (LON:BARC) has announced that, as outlined in its announcement on 18 February 2021, it will commence a share buy-back programme to purchase ordinary shares of 25 pence each in the Company for up to a maximum consideration of £700m. The Buy-back will commence on 19 March 2021 and end no later than 4 August 2021 (subject to regulatory approval remaining in place). The purpose of the Buy-back is to reduce the share capital of the Company and therefore Ordinary Shares purchased under the Buy-back will be cancelled.
The Company has entered into an irrevocable, non-discretionary agreement with J.P. Morgan Securities plc to conduct the Buy-back on its behalf and carry out on-market purchases of Ordinary Shares, acting as riskless principal, and to on-sell such Ordinary Shares to the Company.
JPMS will make trading decisions in relation to the Buy-back independently of the Company. Any purchases of Ordinary Shares under the Buy-back will be carried out on the London Stock Exchange in accordance with certain pre-set parameters set out in the agreement with JPMS and in accordance with (and subject to the limits prescribed by) the Company’s general authority to repurchase Ordinary Shares granted by its shareholders at the annual general meeting on 7 May 2020, Chapter 12 of the Financial Conduct Authority’s Listing Rules, Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018), the Commission Delegated Regulation (EU) No 2016/1052 (as it forms part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018), and applicable US federal securities laws.
No repurchases will be made in the United States or in respect of the Company’s American Depositary Receipts.
The maximum number of Ordinary Shares that may be repurchased under the Buy-back is 1,733,216,055, being the number of Ordinary Shares the Company is authorised to repurchase under the 2020 Authority.
Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group