BAE Systems PLC has initiated the first tranche of its three-year up to £1.5bn share buy-back program, in collaboration with J.P. Morgan Securities plc. The company has instructed JPMS plc to carry out on-market purchases of ordinary shares for up to a maximum consideration of £500m, with the first tranche expected to be completed by 25 July 2025. The purpose of the buy-back program is to reduce the share capital of the company, and any shares purchased will be cancelled.
The buy-back program will be conducted within certain pre-set parameters and in accordance with the company's general authority to repurchase ordinary shares granted by its shareholders at the annual general meeting on 9 May 2024, as well as other applicable laws. The maximum number of ordinary shares that may be repurchased under the first tranche of the buy-back program will be equal to the number of ordinary shares the company is authorized to repurchase under the 2024 Authority, which is 302,815,089 ordinary shares.
For further information, investors can contact Martin Cooper, Investor Relations Director, at +44 (0) 3300 46 6802, while media inquiries can be directed to Kristina Anderson, Director of Media Relations, at +44 (0) 7540 628673.