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Glanbia plc (LSE:GLB), known for its focus on better nutrition, has unveiled a share buy-back programme aimed at reducing the company’s share capital. The initiative, starting today, is part of the €100 million share buy-back authority announced earlier this year. The programme is designed to repurchase and cancel up to €50 million worth of Glanbia’s ordinary shares, thereby reducing the overall number of shares in circulation.
Programme Details and Timeline
The buy-back programme will be conducted under an agreement with J&E Davy ("Davy"), which will act as the principal broker for the purchase of Glanbia’s shares. The programme is scheduled to run from 14 August 2024 to 19 December 2024, unless terminated earlier in accordance with the terms of the agreement with Davy and prevailing authority conditions.
Under the terms of the agreement, Davy will execute the buy-backs independently of Glanbia plc, ensuring that the purchases are made without influence from the company itself. This arrangement allows the buy-backs to continue even during any closed periods when the company might be restricted from trading its own shares. Glanbia has confirmed that it currently possesses no unpublished inside information that would affect the programme.
Share Buy-Back Authority and Limits
The programme operates within the scope of the share repurchase authority granted to Glanbia plc by its shareholders at the 2024 Annual General Meeting (AGM) held on 1 May 2024. According to Resolution 11 approved at the AGM, the company is authorized to repurchase up to 10% of its issued share capital. As of 6 March 2024, this amounted to 26,489,128 ordinary shares. However, following the completion of a portion of the initial €50 million buy-back programme announced on 28 February 2024, the total number of shares available for repurchase has been adjusted. The remaining amount stands at 25,490,849 ordinary shares.
