11th Sep 2024 09:20
(Alliance News) - Associated British Foods PLC on Wednesday confirmed the extension of its share buyback programme, to be run by Barclays Capital Securities Ltd.
The London-based food and ingredients producer and fast-fashion retailer said it has entered into a non-discretionary arrangement with Barclays to execute an additional GBP100 million share buyback after announcing its plan for the buyback last week.
The extended programme, which follows the company's second GBP500 million buyback which completed in August, will end no later than November 15.
"Under this arrangement, Barclays will act as riskless principal and will make decisions independently from the company under the engagement. Barclays will carry out the arrangement through the acquisition of ordinary shares in the company for subsequent repurchase by the company," AB Foods said.
The buyback's sole purpose is to reduce the share capital of AB Foods through cancellation with purchases taking place in open market transactions on the London Stock Exchange as well as other recognised investment exchanges.
AB Foods shares were up 1.4% at 2,193.00 pence each in London on Wednesday morning.
By Elijah Dale, Alliance News reporter
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