Commencement of share buy-back programme

Barclays PLC

21 February 2024

 

21 February 2024

Barclays PLC
Commencement of Buy-back

Barclays PLC (the "Company") announces that, as disclosed in its announcement on 20 February 2024, it will commence a share buy-back programme to purchase ordinary shares of 25 pence each in the Company ("Ordinary Shares") for up to a maximum consideration of £1,000m (the "Buy-back"). The Buy-back will commence on 21 February 2024 and end no later than 20 November 2024 (subject to regulatory approval remaining in place). The purpose of the Buy-back is to reduce the share capital of the Company and therefore Ordinary Shares purchased under the Buy-back will be cancelled.

The Company has entered into a non-discretionary agreement with J.P. Morgan Securities plc ("J.P. Morgan") to conduct the Buy-back on its behalf and carry out on-market purchases of Ordinary Shares, acting as riskless principal, and to on-sell such Ordinary Shares to the Company.

J.P. Morgan will make trading decisions in relation to the Buy-back independently of, and without further instruction from, the Company.  Any purchases of Ordinary Shares under the Buy-back will be carried out on the London Stock Exchange in accordance with certain pre-set parameters set out in the agreement with J.P. Morgan and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase Ordinary Shares granted by its shareholders at the annual general meeting on 3 May 2023 (the "2023 Authority"), Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended), the Commission Delegated Regulation (EU) No 2016/1052 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended), and other applicable laws.

No repurchases will be made in the United States or in respect of the Company's American Depositary Receipts.

The maximum number of Ordinary Shares that may be repurchased under the Buy-back is 1,093,533,143, being the number of Ordinary Shares the Company is authorised to repurchase under the 2023 Authority (1,587,136,913) less the number of Ordinary Shares purchased as part of the £750m share buy-back programme which commenced on 28 July 2023 and completed on 23 October 2023 (493,603,770).

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For further information, please contact:

Investor Relations                                                           Media Relations

Marina Shchukina [phone]                   Tom Hoskin [phone]

About Barclays

Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. For further information about Barclays, please visit our website home.barclays.

 

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