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LONDON - Centrica (OTC:CPYYY) PLC has confirmed the initiation of a £500 million share buyback program, the first tranche of a £2 billion total initiative aimed at reducing the company’s capital. The repurchase of the first £250 million tranche is set to occur between June 16 and September 19, 2025, and will be managed by Goldman Sachs International as an independent riskless principal.
This move follows the preliminary results announced on February 20, 2025, where the energy company detailed the extension of its share buyback program to be completed by the end of 2025. The repurchase will focus on ordinary shares of 6 14/81 pence each, with the maximum consideration for this tranche capped at £250 million, excluding fees and duties.
The shares bought back under this program may be cancelled, held in treasury, or utilized for employee share schemes. The repurchase process will adhere to the Market Abuse Regulation and the UK Listing Rules, excluding any transactions involving the company’s American Depositary Receipts.
The total number of shares that Centrica is authorized to repurchase under the first tranche is 536,039,506, a number determined by the shareholder authority granted at the Annual General Meeting on June 5, 2024, and adjusted for previous buybacks and potential future authorizations from the upcoming Annual General Meeting on May 8, 2025.
Centrica has stated that further announcements will follow any share repurchases, though there is no certainty that the entire first tranche will be executed or that any shares will indeed be bought back. This announcement is based on a press release statement from the company.
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