LONDON – Kingfisher (LON:) plc, the prominent home improvement company, has commenced the fifth and final tranche of its share buyback programme, committing up to £75m to buy back its shares. The buyout initiative, which began today, is scheduled to end by March 24, 2025, and is aimed at reducing the company’s share capital.
The shares acquired through this tranche will be canceled later, according to Kingfisher. This latest tranche is part of a larger scheme, originally announced on 19 September 2023, which sees the company commit to buy back £300m of its own shares. To date, Kingfisher has repurchased and canceled a total of 85,315,628 shares as part of the program.
Goldman Sachs International has been appointed to manage the repurchase process and will make trading decisions independently of Kingfisher. The company has confirmed that all transactions will adhere to pre-set parameters, the EU Market Abuse Regulation and the UK Listing Rules. Kingfisher also confirmed that there is no unpublished price sensitive information at this time.
The redemption program is exclusively for common shares, and the company clarified that there will be no redemption of American depositary receipts. Based on the authorization given by Kingfisher shareholders at the annual meeting on June 20, 2024, the maximum number of shares that can be repurchased is 144,799,115 ordinary shares.
This announcement is based on a press release and does not constitute investment advice or an endorsement of Kingfisher’s financial strategies. It is intended to provide up-to-date information to investors about the company’s share buyback program.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
