Glencore plc (JSE: GLN, LSE: GLEN) has recently made a significant move in its ongoing buy-back program. On July 5, 2023, the company purchased 2,760,000 of its ordinary shares with a nominal value of USD 0.01 each on the London Stock Exchange. The shares were acquired from UBS AG, London Branch (UBS) and will be held in treasury. The buy-back prices ranged from £4.5435 to £4.6085 per share, with a volume-weighted average price of £4.5806.
Glencore’s share purchases are part of the second phase of the existing buy-back program, which is scheduled to conclude in August 2023. This program aims to enhance shareholder value and improve capital efficiency. The company currently holds a total of 1,295,998,492 of its ordinary shares in treasury out of a total of 12,404,001,508 ordinary shares in issue (excluding treasury shares). This figure represents the total number of voting rights and will be utilized by shareholders to assess their obligation to disclose any changes in their interest in the company under the FCA’s Disclosure Guidance and Transparency Rules.
The following table presents the aggregate information regarding the share purchases made by Glencore on various trading venues:
| Trading Venue | Volume Weighted Average Price (GBP) | Aggregate Volume |
|---|---|---|
| London Stock Exchange | £4.5805 | 1,760,000 |
| BATS | £4.5809 | 350,000 |
| Chi-X | £4.5807 | 650,000 |
| Aquis | £0.0000 | 0 |
Using the exchange rate of £1 = R23.60, the table below displays the converted prices in South African Rand (ZAR):
| Trading Venue | Volume Weighted Average Price (ZAR) | Aggregate Volume |
|---|---|---|
| London Stock Exchange | R107.93 | 1,760,000 |
| BATS | R108.15 | 350,000 |
| Chi-X | R108.01 | 650,000 |
| Aquis | R0.00 | 0 |
Glencore’s buy-back program has been sponsored by Absa Corporate and Investment Bank, a division of Absa Bank Limited, while UBS AG, London Branch, has acted as the investment firm facilitating the share purchases.
