Further to the announcement made on 11 March 2020, The Sage Group plc (LON:SGE) today announced the commencement of its share buy-back programme.
Sage has entered into non-discretionary arrangements with its joint corporate brokers, Citigroup Global Markets Limited and Morgan Stanley & Co. International plc (together the “Brokers”), in relation to the purchase by the Brokers, acting as principals, of ordinary shares of Sage (the “Shares”). These arrangements will commence on 12 March 2020, are expected to end no later than 13 January 2021, and will be for a value of up to £250 million.
The Brokers will make trading decisions in relation to Shares purchased under the buy-back programme independently of, and uninfluenced by, Sage. The Brokers will make a simultaneous on-sale of such Shares to Sage, and all Shares repurchased will be held in treasury and used to meet obligations arising from share option programmes, or other allocations of shares, to employees or directors.
Any purchases of Shares contemplated by this announcement will be carried out on the London Stock Exchange and/or other recognised investment exchange(s), and will be effected within certain pre-set parameters. These arrangements are in accordance with Sage’s general authority to repurchase up to 109,137,735 Shares granted at its 2020 Annual General Meeting, Chapter 12 of the Listing Rules and those provisions of Market Abuse Regulation 596/2014/EU dealing with buy-back programmes.