FOR IMMEDIATE RELEASE 24 March 2022
WPP plc ("WPP")
Share buyback programme
WPP announces that it has today entered into a non-discretionary agreement with Goldman Sachs International ("GSI") in relation to the purchase by GSI, acting as riskless principal, of WPP's ordinary shares of 10 pence each ("Ordinary Shares") for an aggregate purchase price of up to £300m (the "Programme"). Ordinary Shares acquired by GSI under the agreement will be simultaneously on-sold by GSI to WPP. The purchase of shares in accordance with the Programme will take place during the period commencing 24 March 2022 and ending no later than 24 June 2022. 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, and a resolution to renew this authority is expected to be put to WPP's 2022 Annual General Meeting in the ordinary course (such authority, as amended or renewed from time to time, 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 current 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.
Goldman Sachs will make any disclosures it is legally required to make in relation to such transactions.
[1] Cboe BXE, Cboe CXE and Turquoise.
For further information:
| Investors and analysts |
|
| Peregrine Riviere | +44 7909 907193 |
|
|
|
| Media |
|
| Chris Wade, WPP | +44 (0)20 7282 4600 |
|
|
|
| Richard Oldworth, | +44 20 7466 5000
|
About WPP
WPP is the 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
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.
