The Relx PLC (LON: REL) share price edged 0.81% lower after announcing an update about its share buyback program for 2023. The firm announced the successful completion of its share buyback program for 2023. Commencing on January 3, 2023, the Company has acquired 30.9 million shares at a total cost of £800 million.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
In adherence to its established historical practices and in compliance with UK and EU Market Abuse Regulations, the Company is now initiating an irrevocable, non-discretionary share repurchase program, amounting to a total value of £150 million.
The program will be in effect from January 2, 2024, to February 9, 2024 (the “Programme”), just ahead of the Company's scheduled results announcement on February 15, 2024. The Programme's primary objective is to reduce the Company's capital, and it is intended that any shares acquired will be retained in the Company's treasury.
The Company will execute all share purchases under this Programme within predetermined parameters and per the general authority granted to the Company by its shareholders at the Annual General Meeting held on April 20, 2023.
When combined with shares purchased subsequent to the meeting, the authority permits the Company to repurchase a maximum of 176.66 million ordinary shares. Any share repurchases conducted by the Company will strictly adhere to the provisions of the UK and EU Market Abuse Regulations and Chapter 12 of the Listing Rules.
The Company has agreed with UBS AG London Branch (“UBS”), which has issued irrevocable instructions to UBS to manage the Programme. UBS will carry out the Company's instructions by acquiring its ordinary shares, which the Company itself will repurchase.
UBS will independently and autonomously make trading decisions related to the Programme, with no influence or direction from the Company.
Additionally, RELX PLC announced that it has recently cancelled 31 million of its ordinary shares previously held in treasury. Following this cancellation, RELX PLC retains 19,712,193 ordinary shares in its treasury, while there are 1,887,062,907 ordinary shares currently in circulation (excluding treasury shares).
Relx share price.
The Relx share price edged 0.81% lower to trade at 3068.5p from Thursday's closing price of 3093.5p.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.