Ferguson PLC Share buy-back programme (7096E)
July 08 2019 - 2:00AM
UK Regulatory
TIDMFERG
RNS Number : 7096E
Ferguson PLC
08 July 2019
NEWS RELEASE
8 July 2019
Ferguson plc
Share buy-back programme
Ferguson plc (the "Company") announces that, in continuation of
the share repurchase programme announced by the Company on 11 June
2019 (the "Programme"), it has instructed its broker J.P. Morgan
Securities plc ("JPMS plc") to purchase shares (acting as riskless
principal) for immediate on-sale to the Company up to the value of
US$419.8 million in aggregate, commencing from 8 July 2019. The
value of shares repurchased by the Company under the Programme
pursuant to its arrangements with both Barclays and JPMS plc will
not, in aggregate, exceed US$500 million.
As announced on 11 June 2019, the Company's shareholders
generally authorised the Company to purchase up to a maximum of
23,185,045 of its ordinary shares on 25 April 2019 (which authority
was granted on the same terms as the corresponding authority
granted by shareholders at the 2018 Annual General Meeting held on
29 November 2018). Pursuant to such authority, the Company intends
to continue purchasing shares until the conclusion of its Annual
General Meeting expected to be held in November 2019 (the "2019
AGM"). The Company anticipates that it will request a similar
general authority from shareholders at the 2019 AGM and confirms
that the Programme will end no later than 10 June 2020. The
aggregate number of shares acquired by the Company pursuant to the
Programme shall not exceed the maximum number of shares which the
Company is authorised to purchase pursuant to such general
authorities. As announced on 11 June 2019, it is intended that any
shares repurchased under the Programme will be transferred into
Treasury.
The purpose of the Programme is to reduce the capital of
Ferguson plc. To the extent required, Ferguson plc may in future
use the repurchased shares to satisfy employee share options. Any
purchases of shares by the Company in relation to the Programme
will be carried out on the London Stock Exchange and in accordance
with (and subject to the limits prescribed by) the Company's
general authority to repurchase shares granted by its shareholders,
the Market Abuse Regulation 596/2014, the Commission Delegated
Regulation (EU) 2016/1052 and Chapter 12 of the Financial Conduct
Authority's Listing Rules.
For further information please contact
Ferguson plc
Mike Powell, Chief Financial Officer Tel: +44 (0) 118 927 3800
Mark Fearon, Director of Corporate Communications and IR Mobile: +44 (0) 7711 875070
Brunswick (Media Enquiries)
Nina Coad Tel: +44 (0)20 7404 5959
Notes to announcement
1. About Ferguson plc
Ferguson plc is the world's largest specialist trade distributor
of plumbing and heating products to professional contractors
principally operating in North America and the UK. Ongoing revenue
for the year ended 31 July 2018 was $20.75 billion and ongoing
trading profit was $1.51 billion. Ferguson plc is listed on the
London Stock Exchange (LSE: FERG) and is in the FTSE 100 index of
listed companies. On 10 May 2019, the Group completed the
simplification of its corporate structure pursuant to which
Ferguson plc was introduced as the new parent company of the Group.
For more information, please visit www.fergusonplc.com or follow us
on Twitter https://twitter.com/Ferguson_plc
2. Financial calendar
Ferguson plc will announce its 2019 Full Year Results on 1
October 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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