Glencore Completes Purchase of 2.94 Million Ordinary Shares as Part of Buy-Back Program

Glencore Share Buyback
  • Glencore plc completes the purchase of 2.94 million of its own ordinary shares on the London Stock Exchange as part of its buy-back program.
  • The shares were acquired from UBS AG, London Branch, at prices ranging from £4.2615 to £4.4655 per share.
  • Following the transaction, Glencore holds 1,284,638,492 ordinary shares in treasury, while the total number of voting rights remains unchanged at 12,515,361,508.

Glencore plc, a leading global diversified natural resources company, announced today that it has successfully acquired a significant number of its own ordinary shares on the London Stock Exchange. The shares were purchased from UBS AG, London Branch as part of the second phase of Glencore’s ongoing buy-back program, which is expected to conclude in August 2023. This strategic move aims to enhance shareholder value and optimize the company’s capital structure.

On May 11, 2023, Glencore purchased a total of 2,940,000 of its ordinary shares, each valued at USD 0.01. The lowest price paid per share stood at £4.2615, while the highest price paid per share was £4.4655. The volume-weighted average price paid per share was £4.3399, providing an indicative overview of the market conditions during the transaction period.

Following this recent share repurchase, Glencore will retain the acquired shares in treasury, bringing the total number of treasury shares to 1,284,638,492. These treasury shares are held separate from the company’s ordinary shares, which remain in circulation. Glencore currently has 12,515,361,508 ordinary shares in issue, excluding treasury shares, and this figure represents the total number of voting rights attached to these shares.

The total number of voting rights can be used by existing shareholders as a denominator for calculating their interest in Glencore, as required by the Disclosure Guidance and Transparency Rules set forth by the Financial Conduct Authority (FCA). This information assists shareholders in determining whether they need to notify any changes in their interest or holdings in the company.

Glencore’s ongoing share repurchases are part of the second phase of the company’s buy-back program, which was initially announced on February 15, 2023. With the aim of maximizing shareholder returns and optimizing its capital structure, this buy-back program demonstrates Glencore’s commitment to creating long-term value for its investors.

During the recent transaction, the London Stock Exchange emerged as the primary trading venue, where the volume-weighted average price of shares stood at £4.3387. The company also made purchases on alternative trading platforms, including BATS, Chi-X, and Aquis. Notably, the volume-weighted average price on BATS was £4.3420, while Chi-X recorded a slightly lower average price of £4.3416. The Aquis trading platform did not register any transactions.

Glencore continues to focus on executing its strategic initiatives and maintaining a disciplined capital allocation approach. The completion of this buy-back program will further strengthen the company’s financial position and support its commitment to delivering value to its shareholders.

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