SHARE
BUYBACK PROGRAMME - THIRD TRANCHE
On 25 October 2023,
Reckitt Benckiser Group plc ("Reckitt" or the
"Company") announced a
£1billion share buyback programme (the "Programme"), the purpose of which is to
reduce the share capital of the Company.
On 30 October 2023, the Company
announced commencement of the first tranche of this Programme to
return up to £250 million of capital to
shareholders (the "First
Tranche") which completed on 30 January 2024. On 31 January
2024, Reckitt announced commencement of the second tranche of this
Programme as of 1 February 2024 to return up to a further £250
million of capital to shareholders (the "Second Tranche").
Reckitt today announces its intention
to commence a third and final tranche of the Programme (the
"Third Tranche") which will
return a further up to £500 million of
capital to shareholders. The Third Tranche will commence two days
after the completion of the Second Tranche (anticipated to be
during April 2024) and the Third Tranche is anticipated to end
during July 2024.
Reckitt announces that, in connection with the Third Tranche, it has
entered into an agreement with Morgan Stanley & Co.
International Plc ("Morgan
Stanley") under which it has issued an instruction to Morgan
Stanley to manage the Third Tranche of the
Programme. Morgan Stanley will, acting as riskless principal,
purchase Ordinary Shares for an aggregate purchase price of no
greater than £500 million and will simultaneously sell such
Ordinary Shares on to the Company.
Any purchase of Ordinary Shares in
relation to this announcement will be carried out on the London
Stock Exchange and Multilateral Trading Facilities, as defined by
the Directive 2014/65/EU on markets in financial instruments
(including the delegated and implementing acts adopted under it) as
implemented, retained, amended, extended, re-enacted or otherwise
given effect in the United Kingdom from 1 January 2021 and as
amended or supplemented in the United Kingdom thereafter, and
executed in accordance with the Listing Rules and
Reckitt's general authority
to make market purchases of Ordinary Shares. The shares will be purchased in accordance with the price and
volume conditions set out in the Commission Delegated Regulation
(EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No
596/2014 of the European Parliament and of the Council with regard
to regulatory technical standards for the conditions applicable to
buyback programmes and stabilisation measures as implemented,
retained, amended, extended, re-enacted or otherwise given effect
in the United Kingdom from 1 January 2021 and as amended or
supplemented in the United Kingdom thereafter.
Reckitt will issue a further
announcement upon the commencement of the Third Tranche and will
announce any market repurchase of Ordinary Shares no later than
7.30 a.m. on the business day following the
calendar day on which the repurchase occurred. To the extent permitted by law, Ordinary Shares purchased under
the Third Tranche of the Programme will be held in treasury. For
the avoidance of doubt, no repurchases will be made in respect of
the Company's American Depository Receipts.
The acceleration of our share buyback
programme reflects the Board's confidence in the continued strong
free cashflow generation of Reckitt and its framework for enduring
value creation, as set out in the strategic update in October last
year.
This announcement does not
constitute, or form part of, an offer or any solicitation of an
offer for securities in any jurisdiction.
CONTACT DETAILS:
Contacts
Richard Joyce
+44 (0)7807 418516
Investor Relations
Catheryn O'Rourke
+44 (0) 1753 217 800
General Counsel & Company
Secretary
About Reckitt:
Reckitt* exists to protect, heal and
nurture in the relentless pursuit of a cleaner, healthier world. We
believe that access to the highest-quality hygiene, wellness and
nourishment is a right, not a privilege.
Reckitt is the company behind some of
the world's most recognisable and trusted consumer brands in
hygiene, health and nutrition, including Air Wick, Calgon, Cillit
Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic,
Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish,
Veet, Woolite and more.
Every day, more than 20 million
Reckitt products are bought globally. We always put consumers and
people first, seek out new opportunities, strive for excellence in
all that we do and build shared success with all our partners. We
aim to do the right thing, always.
We are a diverse global team of c.
40,000 colleagues. We draw on our collective energy to meet our
ambitions of purpose-led brands, a healthier planet and a fairer
society. Find out more, or get in touch with us
at www.reckitt.com
* Reckitt is the trading name of the
Reckitt Benckiser group of companies
Reckitt Benckiser Group plc's LEI
code is 5493003JFSMOJG48V108