Glencore plc Repurchases Shares, Enhancing Shareholder Value in Buy-Back Program

  • Glencore plc has purchased 2,760,000 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 £4.5435 to £4.6085 per share.
  • Glencore now holds 1,295,998,492 shares in treasury out of a total of 12,404,001,508 ordinary shares in issue, reinforcing its commitment to enhancing shareholder value.

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 VenueVolume Weighted Average Price (GBP)Aggregate Volume
London Stock Exchange£4.58051,760,000

Using the exchange rate of £1 = R23.60, the table below displays the converted prices in South African Rand (ZAR):

Trading VenueVolume Weighted Average Price (ZAR)Aggregate Volume
London Stock ExchangeR107.931,760,000

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.

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