First phase of £1bn share buyback completed at health and hygiene business
Hull-based health, hygiene and home produce company, Reckitt Benckiser Group, has confirmed completion of the first tranche of £250m of its £1bn share buyback programme, which was announced on 25 October 2023.
Under the First Tranche, between 30 October 2023 and 30 January 2024, the company purchased 4,581,991 ordinary shares of 10p each at an average price of £54.5614, and which are now held in treasury.
It confirms that the second tranche of the programme to return a further £250m of capital to shareholders, will start on 1 February 2024 and will end on or before 10 May 2024.
The purpose of the Second Tranche is to reduce the share capital of the company.
Reckitt has entered into a non-discretionary agreement with Merrill Lynch International (MLI) under which it has issued an instruction to MLI to manage the Second Tranche of the programme.
MLI will purchase ordinary shares for an aggregate price of no greater than £250m and will simultaneously sell such ordinary shares on to the company.
