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LONDON - Barclays PLC (NYSE:BCS) announced today the launch of a share buy-back program, with the intention of purchasing up to £1 billion worth of its ordinary shares. The program, which begins today, is set to run until no later than November 13, 2025, and aims to reduce the company's share capital.
The buy-back follows a previous disclosure on February 13 and is in line with the authority granted by shareholders at the annual general meeting on May 9, 2024. Barclays (LON:BARC) has engaged J.P. Morgan Securities plc to manage the buy-back process, which will involve on-market purchases of ordinary shares on the London Stock Exchange (LON:LSEG).
J.P. Morgan will operate independently from Barclays, making trading decisions within certain pre-set parameters and without further instruction from the bank. The purchased shares are set to be cancelled, thus reducing the overall share capital.
The repurchase activity is subject to regulatory approvals and will adhere to the Financial Conduct Authority's UK Listing Rules, the Market Abuse Regulation, the Commission Delegated Regulation, and other applicable laws. However, the buy-back will not involve any repurchases in the United States or of the company's American Depositary Receipts.
The maximum number of ordinary shares authorized for repurchase under this program is 1,192,639,429. This figure takes into account the shares already purchased under a previous buy-back program that commenced on August 5, 2024, and concluded on December 5, 2024, which amounted to 320,247,475 ordinary shares.
This strategic move by Barclays is part of its capital management efforts and reflects the company's approach to shareholder returns. The information on this buy-back program is based on a press release statement from Barclays PLC .
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