Drax Group PLC has announced the commencement of the first tranche of a share buyback programme, with the intention to purchase ordinary shares of 11 16/29 pence each in the Company up to a maximum consideration of £75 million. The purpose of this initial phase is to reduce the Company's share capital, with the ordinary shares purchased being held in treasury pending cancellation or re-issue.
The purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, and trading volumes. The maximum number of shares that may be repurchased by the Company under the first tranche of the Programme is 38,468,257, as authorized by shareholders at the AGM on 25 April 2024.
Drax Group PLC has entered into a non-discretionary agreement with RBC Europe Limited, issuing irrevocable instructions to conduct the first tranche of the Programme. The purchases will be carried out within certain pre-defined parameters, in compliance with relevant regulations and laws, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
The Company will make further announcements following the buyback of shares, and it is noted that there is no guarantee that the Programme will be implemented in full.
For further information, Drax Group PLC has provided contact details for Investor Relations and External Communications, as well as for RBC Europe Limited.