National Grid PLC Commencement of share buy-back programme (4333D)
January 29 2015 - 2:01AM
UK Regulatory
TIDMNG.
RNS Number : 4333D
National Grid PLC
29 January 2015
29 January 2015
National Grid commences share buy-back programme
National Grid plc (the "Company") announces that it has
commenced a new irrevocable and non-discretionary programme to
purchase ordinary shares in the capital of the Company during the
period running from 29 January 2015 to end no later than 4 March
2015, as part of its management of the dilution resulting from the
take-up of its scrip dividend.
The buy-back programme will be managed by an independent third
party, which makes its trading decisions independently of, and
uninfluenced by, the Company and is capable of continuing during
close periods.
The purpose of the share purchases is to reduce the Company's
issued share capital. The purchased shares will be held as treasury
shares.
Any purchases will be effected within certain pre-set parameters
and in accordance with both the Company's general authority to
purchase shares granted by its shareholders at the Company's 2014
Annual General Meeting and Chapter 12 of the Listing Rules.
CONTACTS
Investors
John Dawson +44 20 7004 3170
Andy Mead +44 20 7004 3166
George Laskaris +1 917 375 0989 (m)
Victoria Davies +44 20 7004 3171
Tom Hull +1 917 524 4099 (m)
Michael Ioanilli +44 20 7004 3006
Media
National Grid
Chris Mostyn +44 20 7004 3149
Brunswick
Emma Walsh +44 20 7404 5959
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's
financial condition, its results of operations and businesses,
strategy, plans and objectives. Words such as 'anticipates',
'expects', 'should', 'intends', 'plans', 'believes', 'outlook',
'seeks', 'estimates', 'targets', 'may', 'will', 'continue',
'project' and similar expressions, as well as statements in the
future tense, identify forward-looking statements. These
forward-looking statements are not guarantees of National Grid's
future performance and are subject to assumptions, risks and
uncertainties that could cause actual future results to differ
materially from those expressed in or implied by such
forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grid's
ability to control or estimate precisely, such as changes in laws
or regulations, announcements from and decisions by governmental
bodies or regulators (including the timeliness of consents for
construction projects); the timing of construction and delivery by
third parties of new generation projects requiring connection;
breaches of, or changes in, environmental, climate change and
health and safety laws or regulations, including breaches or other
incidents arising from the potentially harmful nature of its
activities; network failure or interruption, the inability to carry
out critical non network operations and damage to infrastructure,
due to adverse weather conditions including the impact of major
storms as well as the results of climate change or due to
unauthorised access to or deliberate breaches of National Grid's IT
systems and supporting technology; performance against regulatory
targets and standards and against National Grid's peers with the
aim of delivering stakeholder expectations regarding costs and
efficiency savings, including those related to investment
programmes and internal transformation projects (including the US
financial system and controls); and customers and counterparties
(including financial institutions) failing to perform their
obligations to the Company. Other factors that could cause actual
results to differ materially from those described in this
announcement include fluctuations in exchange rates, interest rates
and commodity price indices; restrictions and conditions (including
filing requirements) in National Grid's borrowing and debt
arrangements, funding costs and access to financing; regulatory
requirements for the Company to maintain financial resources in
certain parts of its business and restrictions on some
subsidiaries' transactions such as paying dividends, lending or
levying charges; inflation; the delayed timing of recoveries and
payments in National Grid's regulated businesses and whether
aspects of its activities are contestable; the funding requirements
and performance of National Grid's pension schemes and other
post-retirement benefit schemes; the failure to attract, train or
retain employees with the necessary competencies, including
leadership skills, and any significant disputes arising with the
National Grid's employees or the breach of laws or regulations by
its employees; and the failure to respond to market developments
and grow the Company's business to deliver its strategy, as well as
incorrect or unforeseen assumptions or conclusions (including
unanticipated costs and liabilities) relating to business
development activity, including assumptions in connection with
joint ventures. For further details regarding these and other
assumptions, risks and uncertainties that may impact National Grid,
please read the Strategic Report section and the 'Risk factors' on
pages 167 to 169 of National Grid's most recent Annual Report and
Accounts. In addition, new factors emerge from time to time and
National Grid cannot assess the potential impact of any such factor
on its activities or the extent to which any factor, or combination
of factors, may cause actual future results to differ materially
from those contained in any forward-looking statement. Except as
may be required by law or regulation, the Company undertakes no
obligation to update any of its forward-looking statements, which
speak only as of the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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