Glencore announces $1.5bn share buyback programme
Diversified miner Glencore has announced the launch of a share buyback programme valued at $1.5-billion.
The company said on February 24 that the programme would be conducted in accordance with the authority granted by shareholders at the 2022 annual general meeting (AGM) and was subject to market conditions, with completion expected by the time the company announced its interim results in August.
The purpose of the programme is to reduce the capital of the company and any shares bought will be held in treasury. The programme will be subject to shareholder approval at the 2023 AGM and will continue on those terms.
Glencore has entered into an agreement with financial services company UBS to initially conduct the programme. Trading decisions may be undertaken by the bank in accordance with the directions of the company.
If the company is unable to do so, the bank will make trading decisions concerning purchases under the programme independently of the company. The bank may also undertake transactions in the shares, which may include sales as well as purchases and could include participation in block purchases to meet the obligations of the agreement.
Glencore expects the announcement of the share buyback programme to have a positive impact on the company’s share price, as the group is confident about its financial health and future prospects.
It also provides an opportunity for shareholders to sell their shares at a premium if they choose to participate in the buyback programme.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation