Tate & Lyle PLC (the "Company") announces that it will shortly commence a share buyback programme (the “Programme”) of up to £215 million.
On 23 May 2024, the Company announced the intention to return the net cash proceeds from the sale of its remaining interest in Primient to shareholders through an on-market share buyback programme. Previously, this programme was due to start following completion of the Primient sale, but it is now being initiated today.
The Programme, which is non-discretionary, will commence on 20 June 2024 and will end on or before 31 March 2025.
The sole purpose of the Programme is to reduce the Company’s share capital.
The Company has entered into an agreement with Merrill Lynch International (the "Broker") to conduct the Programme on its behalf and to make trading decisions under the programme independently of the Company. The Broker will purchase the Company's ordinary shares as principal and sell them on to the Company in accordance with the terms of their engagement. The Company intends to hold the shares it purchases through the programme as treasury shares.
Any purchases of ordinary shares by the Company in relation to this announcement will be made in accordance with certain pre-set parameters set out in the terms of the Broker's engagement, the general authority of the Company to repurchase shares granted by shareholders at the Company's Annual General Meeting held on 27 July 2023 (which permits the Company to purchase no more than 40,165,770 of the Company's ordinary shares).
The LEI reference for Tate & Lyle PLC is 2138008K14474WPKZ244.
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For further information please contact:
Investors and Analysts
Christopher Marsh, VP Investor Relations
Tel: Mobile: +44 (0) 7796 192 688
Media
Nick Hasell, FTI Consulting
Tel: Mobile: +44 (0) 7825 523 383
Tel: Office: +44 (0) 203 727 1340
About Tate & Lyle:
Supported by our 160-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients every day. Through our expertise in sweetening, fortification, and texture, we develop ingredient solutions which reduce sugar, calories, and fat, add fibre and protein, and provide texture and stability in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.
We have more than 3,300 employees working in around 58 locations serving customers across 121 countries. Science, Solutions, Society is our brand promise and how we will achieve our purpose of Transforming Lives Through the Science of Food. By living our purpose we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.
Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2024, Tate & Lyle revenue from continuing operations totalled £1.65 billion. For more information, please visit https://www.tateandlyle.com or follow Tate & Lyle on X, Linkedin, Facebook or YouTube.