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BAAR, Switzerland - Mining giant Glencore (OTC:GLNCY) PLC announced Thursday it will hold a General Meeting on August 5, 2025, to seek shareholder approval for a new share buyback structure that would allow the company to make off-market purchases of its own shares.
The meeting, scheduled for 4 p.m. Central European Summer Time at Theater-Casino Zug in Switzerland, follows Glencore’s July 7 announcement of its 2025/2026 share buyback program.
According to the company’s statement, Glencore has finalized an alternative buyback structure designed to preserve its Swiss capital contribution reserves and mitigate future Swiss withholding tax charges on share buybacks, a practice utilized by many Swiss companies.
The proposed structure involves a contract with UBS AG, under which UBS would purchase Glencore shares in the market, and Glencore would then make off-market purchases of those shares from UBS for cancellation. Jersey company law requires shareholder approval for such off-market purchases.
Glencore plans to implement its current buyback program and potentially future programs under this UBS contract, pending shareholder approval at the upcoming meeting.
The company stated that the Notice of General Meeting and Form of Proxy are being made available to shareholders today and can also be accessed on Glencore’s website. The documents will soon be available for inspection on the UK Financial Conduct Authority’s National Storage Mechanism.
The announcement was made in a press release statement from the company.
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