AB Foods extends share buyback by £100m

11th Sep 2024 08:12

(Sharecast News) - Primark owner Associated British Foods announced an extension of its share repurchase programme on Wednesday, with an additional £100m allocated for the buyback.

The FTSE 100 firm said the extended programme would run until 15 November.

It said it had entered into a non-discretionary agreement with Barclays Capital Securities to execute the buyback.

Under the arrangement, Barclays would act as a riskless principal, making independent decisions on the purchase of AB Foods' ordinary shares.

The transactions would be carried out on the London Stock Exchange and other markets, depending on conditions such as share price and trading volume.

AB Foods said the sole purpose of the repurchase was to reduce its capital, with all shares bought back to be cancelled.

Purchases will adhere to the shareholder-approved limits set during its annual general meeting in December 2023.

At 1008 BST, shares in Associated British Foods were up 1.25% at 2,190p.

Reporting by Josh White for Sharecast.com.