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LONDON - Defence company Babcock International Group (LON:BAB) PLC announced Wednesday the commencement of a £200 million share buyback programme, following its initial disclosure on June 25.
The non-discretionary programme will be conducted independently by Jefferies International Limited and J.P. Morgan Securities plc within defined parameters, according to a press release statement from the company. The buyback is expected to conclude by March 31, 2026.
Babcock stated the purpose of the programme is to reduce the company’s share capital and/or meet obligations under its employee share schemes. All ordinary shares purchased will either be cancelled or transferred to treasury.
The purchases will be executed on the London Stock Exchange (LON:LSEG) and potentially other trading venues, in accordance with the general authority granted by shareholders at Babcock’s Annual General Meeting on September 19, 2024. Under this authority, the company can purchase up to 50,559,660 ordinary shares.
The programme will comply with the Financial Conduct Authority’s Listing Rules and relevant UK domestic market abuse regulations. Babcock will announce any share purchases no later than 7:30 a.m. on the business day following transactions.
The company noted there is no guarantee the programme will be implemented in full. Share purchases may continue during any closed periods affecting the group throughout the duration of the programme.
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