Lloyds Banking Group plc has announced the commencement of a share buyback programme, aiming to repurchase up to £2 billion of ordinary shares. The company has entered into an agreement with Morgan Stanley & Co. International plc to conduct the share buyback programme independently. The programme will run from 23 February 2024 to no later than 31 December 2024, with the sole purpose of reducing the ordinary share capital of the Company. The Broker will purchase the Company's ordinary shares as principal and sell them on to the Company, with the intention to cancel the shares it purchases through the programme.
The buyback will be made in accordance with certain pre-set parameters, the general authority of the Company to repurchase shares granted by shareholders, and regulatory requirements. The buyback is subject to the continuing approval of the Prudential Regulatory Authority. It is important to note that no repurchases will be made in the United States or in respect of the Company's American Depositary Receipts.
The company has provided contact information for further inquiries. Additionally, the document contains forward-looking statements regarding the business, strategy, plans, and/or results of Lloyds Banking Group plc. These statements concern future matters, including projections or expectations of the Group's future financial position, litigation, regulatory and governmental investigations, and the Group's future financial performance. The Group reserves the right to adjust, amend, or adapt its metrics and targets in response to unforeseen circumstances or changes in external factors and dependencies which impact the feasibility of achieving the stated targets.
The factors that could cause actual business, strategy, targets, plans, and/or results to differ materially from forward-looking statements include general economic and business conditions, acts of hostility or terrorism, geopolitical unpredictability, market-related risks, changes in client and consumer behavior and demand, and exposure to counterparty risk, among others.