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Highlights
- Reckitt concludes second tranche of £250 million share buyback with 5.26 million shares repurchased.
- The third tranche of £500 million buyback programme to commence on 12 December 2024.
- HSBC will manage the third tranche, aimed at reducing Reckitt’s share capital.
Reckitt Benckiser Group plc ("Reckitt" or the "Company") (LSE:RKT) has successfully completed the second tranche of its 2024 £1 billion share buyback programme (the "Programme"), with a total of £250 million worth of ordinary shares repurchased. This announcement comes after the Company confirmed that between 2 October 2024 and 10 December 2024, it acquired 5,257,388 ordinary shares of 10p each (the "Ordinary Shares") at an average price of £47.5521 per share. These shares are now held in treasury, marking significant progress in Reckitt’s capital return strategy.
The completion of the second tranche aligns with the Company's commitment to enhancing shareholder value and efficiently managing its capital structure. The repurchased shares will not only reduce the number of outstanding shares but also provide a strong signal of Reckitt’s robust financial position and confidence in its long-term growth prospects.
In line with the Programme, Reckitt has also confirmed the initiation of the third tranche (the "Third Tranche"), which will return up to an additional £500 million to shareholders. This third phase of the buyback will begin on 12 December 2024 and is set to conclude on or before 30 June 2025. The purpose of the Third Tranche is to reduce the share capital of the Company and enhance shareholder returns. As stated in previous announcements, Reckitt will operate within the limitations set by shareholders at the Company’s Annual General Meeting on 2 May 2024. Under this authority, the maximum number of shares that can be purchased in the Third Tranche is 50,000,000.
To facilitate the smooth execution of this phase, Reckitt has entered into an agreement with HSBC Bank plc ("HSBC"). HSBC has been appointed to manage the Third Tranche on behalf of Reckitt. Under the agreement, HSBC will act as a riskless principal, purchasing Ordinary Shares for a total value of no more than £500 million, which will then be simultaneously sold to Reckitt. The shares acquired under the Third Tranche will be held in treasury, as permitted by law, further reducing the total outstanding share capital.
The ongoing share buyback programme reflects Reckitt’s strategic focus on capital efficiency and returning value to its shareholders. The Company’s proactive approach to share repurchases is a testament to its strong cash flow generation and commitment to creating long-term value for its investors.
