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LONDON - Medical (TASE:BLWV) technology company Smith & Nephew plc (LSE:LON:SN, NYSE:SNN) announced Tuesday it will undertake a $500 million share buyback program in the second half of 2025, citing strong cash generation and a healthy balance sheet resulting from its 12-Point Plan transformation.
The company has entered into a non-discretionary agreement with J.P. Morgan Securities plc to implement the buyback, which will commence Tuesday and end no later than December 31, 2025. Under the agreement, J.P. Morgan will purchase Smith & Nephew’s ordinary shares as a riskless principal, with the company subsequently repurchasing them.
Shares acquired through the program will be held as treasury shares and either canceled or used to satisfy awards under employee share plans. The maximum number of ordinary shares that may be purchased is 87,440,566, in accordance with the authority granted by shareholders at the company’s 2025 Annual General Meeting.
The buyback will be conducted on Recognized Investment Exchanges within parameters prescribed by UK market regulations. No repurchases will be made of the company’s American Depositary Receipts.
Smith & Nephew stated the purpose of the program is to reduce its issued share capital by returning surplus capital to shareholders, while maintaining leverage and without compromising growth plans.
The announcement was made alongside the company’s Second Quarter and First Half 2025 Results published Tuesday. Smith & Nephew noted there is no guarantee the program will be implemented in full or that any shares will be bought back.
This information is based on a press release statement from the company.
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