LONDON - Kingfisher (LON:KGF) plc, a prominent home improvement company, has commenced the fifth and final tranche of its share repurchase program, earmarking up to £75 million for the buyback of its shares. The repurchase initiative, which began today, is set to conclude by March 24, 2025, and is aimed at reducing the company's share capital.
The shares acquired under this tranche will be subsequently cancelled, as stated by Kingfisher. This final tranche is part of a larger scheme, initially announced on September 19, 2023, committing the company to buy back £300 million of its shares. To date, Kingfisher has repurchased and cancelled a total of 85,315,628 shares as part of the program.
Goldman Sachs International has been appointed to manage the repurchase process and will make trading decisions independently of Kingfisher. The company has confirmed that all transactions will adhere to the pre-set parameters, the EU Market Abuse Regulation, and the UK's Listing Rules. Kingfisher has also assured that it holds no undisclosed price-sensitive information at this time.
The repurchase program is strictly for ordinary shares, and the company has clarified that no repurchases will be made regarding its American Depositary Receipts. Based on the authority granted by Kingfisher's shareholders at the Annual General Meeting on June 20, 2024, the maximum number of shares that may be repurchased is 144,799,115 ordinary shares.
This announcement is based on a press release statement and does not constitute investment advice or an endorsement of Kingfisher's financial strategies. It is intended to provide investors with current information regarding the company's share repurchase program.
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