Greencore group today announced the commencement of a share buyback programme whereby it will repurchase ordinary shares of the group for up to a maximum aggregate consideration of £10 million.
On 24 May 2022, the group announced its intention to recommence value return.
Commenting on the launch, Gary Kennedy, executive chair, said, “We are pleased to launch our share buyback programme today as part of our commitment to recommence value return to shareholders.
"We plan to return up to £50 million over the next two years, initially in the form of this buyback programme and with the ongoing flexibility to return value in the form of buyback, dividends or both. This is underpinned by our strong balance sheet and continued optimism around our business prospects”
According to the manufacturer of convenience foods, the purpose of the programme is to reduce the group’s share capital.
The mechanism to execute the remainder of the value return plan will be decided in due course, with reference to the group’s capital management policy and general market conditions at the time, the company said.
Greencore noted that it has entered into a non-discretionary agreement with Goodbody Stockbrokers UC acting as agent, to conduct the programme and to repurchase shares on the group’s behalf for a maximum consideration of up to £10 million and to make trading decisions under the programme independently of the group in accordance with certain pre-set parameters.
The programme will commence today, 26 July 2022, and end no later than 31 October 2022, subject to market conditions, the companyy said.