Source - LSE Regulatory
RNS Number : 6243H
WPP PLC
05 August 2021
 

FOR IMMEDIATE RELEASE

5 August 2021

 

WPP plc ("WPP") 

 

Share buy-back programme

 

WPP announces that it has today entered into a non-discretionary agreement with Exane SA ("Exane BNP Paribas") in relation to the purchase by Exane BNP Paribas, acting as riskless principal, of WPP's ordinary shares of 10 pence each ("Ordinary Shares") for an aggregate purchase price of up to £250m (the "Programme"). Ordinary Shares acquired by Exane BNP Paribas under the agreement will be simultaneously on-sold by Exane BNP Paribas to WPP. The purchase of shares in accordance with the Programme will take place during the period commencing 5 August 2021 and ending no later than 22 October 2021. The purpose of the Programme is to reduce the share capital of WPP.

Any purchase of Ordinary Shares contemplated by this announcement will be carried out on the London Stock Exchange and/or other trading venues1 and will be effected within certain pre-set parameters. WPP's shareholders generally authorised WPP to purchase up to a maximum of 121,258,871 Ordinary Shares at its 2021 Annual General Meeting held on 9 June 2021, subject to certain limitations (the "Authority"). The aggregate number of Ordinary Shares acquired by the Company pursuant to the Programme shall not exceed the maximum number of Ordinary Shares which the Company is authorised to purchase pursuant to the Authority. The Authority expires on the earlier of the date of the Annual General Meeting of the Company to be held in 2022 and 1 September 2022. The Programme will be executed in accordance with (and subject to the limits prescribed by) the Authority and will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014/EU (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the Commission Delegated Regulation 2016/1052/EU (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) and in accordance with Chapter 12 of the UK Listing Rules. Any market repurchase of Ordinary Shares will be announced no later than 7.30am on the business day following the calendar day on which the repurchase occurred.

Exane BNP Paribas's hedging counterparty, BNP Paribas (or any affiliate) may undertake transactions in Ordinary Shares (which may include sales, derivatives, and other hedging activities, in addition to purchases) in order to manage its market exposure resulting directly or indirectly from the Programme. Exane BNP Paribas and BNP Paribas (or any affiliate) will make any disclosures they are legally required to make in relation to such transactions. [1] Includes Cboe BXE, Cboe CXE and Turquoise.

For further information:

Investors and analysts


Peregrine Riviere

+44 7909 907193

Fran Butera (US)

+1 914 484 1198



Media


Chris Wade, WPP

+44 (0)20 7282 4600 



Richard Oldworth,
Buchanan Communications

+44 20 7466 5000

+44 7710 130 634

 

About WPP 

WPP is a creative transformation company. We use the power of creativity to build better futures for our people, planet, clients and communities. For more information, visit www.wpp.com 

 

ENDS 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCDKQBBFBKDAFK
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.