Anglo-Swiss international mining and trading company Glencore has announced an increase in the size of its existing US$1 billion share buy-back programme by up to US$1 billion, as well as an extension of the duration of the programme until the close of dealings on 20 February 2019 (the day before the announcement of the company’s 2018 full-year results).
The programme is to 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 implementation of the programme is in line with the company's stated financial policies and thresholds.
As of 24 September 2018, 230 240 288 shares valued at US$939.13 million have been purchased under the existing programme.
The company is to enter into an agreement with an investment bank to conduct the programme on its behalf and if required to make trading decisions concerning purchases under the programme independently of the company.
Any buyback of shares pursuant to the programme will be effected 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). The market will be notified in accordance with those rules if and when purchases are made.
Read the article online at: https://www.globalminingreview.com/finance-business/27092018/update-glencore-to-as-much-as-double-size-of-current-share-repurchase-programme/