Burberry Group plc

Burberry Group plc - Share Repurchase Programme

Burberry Group plc ("Burberry" or the "Company") announces that, in connection with its intention to commence a share buyback programme (the "Programme") of £400 million which it announced on 18 May 2022, the Company will commence the first tranche of the Programme to purchase ordinary shares in the capital of the Company up to a maximum consideration of £200 million. As announced on 18 May 2022, it is intended that the Programme will be completed in the period up to 1 April 2023. The first tranche of the Programme is subject to remaining within the authority granted at the Annual General Meeting on 14 July 2021 (the "AGM") (the AGM authority is for a maximum of 40,486,000 ordinary shares) and will take place during the period starting on 1 July 2022 and ending no later than 4 November 2022 (the "Engagement Period"). The purpose of the Programme is to reduce the share capital of Burberry.

The maximum number of ordinary shares which may be purchased by the Company under the first tranche of the Programme is 32,083,280, which is the maximum pursuant to the authority granted by shareholders at the AGM, less the number of ordinary shares that were repurchased by the Company pursuant to the share buyback programme announced on 3 December 2021. The existing shareholder authority to buy back shares granted at the AGM expires on the conclusion of the Company's 2022 Annual General Meeting (or, if earlier, 14 October 2022). Burberry is seeking renewal of shareholder authority to buy back shares at its 2022 Annual General Meeting to be held on 12 July 2022. 

The Company has entered into an 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 carry out the instruction through the acquisition of ordinary shares in the Company, acting as riskless principal, for subsequent repurchase by the Company.  This arrangement is in accordance with Chapter 12 of the FCA Listing Rules and the Company's general authority to repurchase ordinary shares. Burberry 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. Ordinary shares purchased under the Programme will be either cancelled or held in treasury and used to meet obligations arising from employee share plans.

Morgan Stanley may undertake transactions in the Company's ordinary shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the Programme. Morgan Stanley will make any disclosures it is legally required to make in relation to such transactions.

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This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Burberry Group plc shares, in the UK, or in the US, or under the US Securities Act 1933 or in any other jurisdiction.

Burberry is listed on the London Stock Exchange (BRBY.L) and is a constituent of the FTSE 100 index. ADR symbol OTC:BURBY. 

BURBERRY, the Equestrian Knight Device, the Burberry Check and the Thomas Burberry Monogram and Print are trademarks belonging to Burberry.