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Glencore: US$1 billion share repurchase programme commences

Published by , Assistant Editor
Global Mining Review,

Anglo-Swiss commodity trading and mining company Glencore plc (Glencore) has announced that is to begin a share repurchase programme today worth US$1 billion in the period to 31 December 2018. The programme will be effected in accordance with the terms of the authority granted by shareholders at the 2018 AGM. It is currently intended that any ordinary shares of the company purchased will be held in treasury.

The company has entered into an agreement with Citigroup Global Markets Ltd (Citi) to conduct the programme, which will be implemented in two stages. 

The first part of the programme, under which the maximum aggregate consideration that may be paid for shares is £350 million, will commence today and end no later than close of dealings on 7 August 2018 (the day before the announcement of the company’s half-year results). According to Glencore, this part of the programme will be conducted by Citi under irrevocable instructions to make trading decisions independently of the company. 

After this date, under the second part of the programme, trading decisions may be undertaken by Citi in accordance with the directions of the company.

Citi may undertake transactions in the shares (which may include sales as well as purchases and may include participation in block purchases) in order to meet its obligations pursuant to its agreement with the company. The implementation of the programme is in line with the company’s stated financial policies and thresholds.

According to Glencore, any buy-back of the shares pursuant to the programme will be put into effect in accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (and within the meaning of this Regulation the purpose of the programme is to reduce the capital of the company).

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