Increase and extension of Share buy-back programme
25 September, 2018
Further to our previous announcement and having regard to the approaching completion of the existing USD1 billion Share buy-back programme, Glencore plc (the “Company”) announces an increase in the size of the programme by an additional amount of up to USD1 billion and the 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 increased and extended buyback programme being the “Programme”).
The Programme will 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 $939.13 million have been purchased under the existing programme.
The Company will 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 buy-back 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.
For further information please contact:
t: +41 41 709 2880
m: +41 79 737 5642
t: +41 41 709 2714
m: +41 79 543 3804
t: +41 41 709 24 62
m: +41 79 904 3320
t: +41 41 709 2619
m: +41 79 944 5434
t: +41 41 709 2847
m: +41 79 152 0905
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 146,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.