Share Buyback Programme - First Tranche
30 October 2023
RECKITT BENCKISER GROUP PLC
SHARE BUYBACK PROGRAMME - FIRST TRANCHE
Reckitt Benckiser Group plc ("Reckitt" or the "Company") announces that, in connection with its intention to commence a £1 billion share buyback programme (the "Programme") which it announced on 25 October 2023, the Company today commences the first tranche of the Programme which will return up to £250 million of capital to shareholders. The purpose of the Programme is to reduce the share capital of the Company.
In accordance with the Company's general authority to make market purchases of existing ordinary shares of 10 pence each in the share capital of the Company (the "Ordinary Shares") as granted by shareholders at the Company's Annual General Meeting on 3 May 2023, the Company will purchase no more than 71,590,000 Ordinary Shares. The first tranche of the Programme will commence on 30 October 2023 and is expected to end no later than 30 January 2024.
Reckitt announces that it has entered into a non-discretionary agreement with Morgan Stanley & Co. International Plc ("Morgan Stanley") under which it has issued an irrevocable instruction to Morgan Stanley to manage the first tranche of the Programme. Morgan Stanley will, acting as riskless principal, purchase Ordinary Shares for an aggregate purchase price of no greater than £250 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 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 first 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.
Any further tranches of the Programme, which may be conducted after completion of this first tranche, will be announced in due course.
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.
For further Information:
Catheryn O'Rourke
Company Secretary
Tel +44 (0) 1753 217 800
Richard Joyce
Head of Investor Relations
Tel. +44 (0) 7408 812062
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 30 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
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