Reducing Share Capital with Barclays Bank PLC’s Assistance
- Frasers Group launches £80m share buyback programme
- Programme to reduce share capital
- Non-discretionary arrangement with Barclays Bank PLC
- Share purchases made independently by the company
- Maximum 10 million ordinary shares to be purchased
Frasers Group has announced the launch of a new share buyback programme worth up to £80 million to reduce its share capital. The company has entered into a non-discretionary arrangement with Barclays Bank PLC, acting through its investment bank, for this programme starting from June 18, 2024 and ending on the day of reporting final results for the year ended April 28, 2024. The aggregate purchase price of all ordinary shares acquired under the programme, along with any other shares purchased on the company’s behalf, will not exceed £80 million. The maximum number of shares that may be purchased is 10 million ordinary shares. Frasers Group clarified that share purchases will be made independently and ‘uninfluenced’ by the company, following pre-set parameters and terms of the arrangement with Barclays Bank PLC, in accordance with the general authority to repurchase shares granted by its shareholders at the 2023 annual general meeting and Chapter 12 of the Listing Rules. The repurchased shares will be held in treasury pending cancellation or re-issue.
Factuality Level: 9
Factuality Justification: The article provides clear information about the launch of a new share buyback programme by Frasers Group, details about the arrangement with Barclays Bank PLC, and the terms and conditions of the programme. It is factual, concise, and does not contain any irrelevant or misleading information, sensationalism, redundancy, personal perspective, invalid arguments, logical errors, inconsistencies, or fallacies.
Noise Level: 4
Noise Justification: The article provides relevant information about a company’s share buyback programme and its details, but it lacks analysis or exploration of broader implications or context.
Financial Relevance: Yes
Financial Markets Impacted: Frasers Group’s share price and overall financial health
Financial Rating Justification: The article discusses a share buyback programme by Frasers Group, which can impact the company’s financial position and potentially affect its share price in financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the article
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