Lloyds Banking Group plc (LON:LLOY) is launching a share buyback programme to repurchase up to £1.7 billion of ordinary shares. The Company previously announced its intention to commence the programme on 20 February 2025.
The Company has entered into an agreement with Morgan Stanley & Co. International plc to conduct the share buyback programme on its behalf and to make trading decisions under the programme independently of the Company. Under the terms of the programme, the maximum consideration is £1.7 billion. The programme will commence on 21 February 2025 and will end no later than 31 December 2025. The sole purpose of the programme is to reduce the ordinary share capital 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. Lloyds Banking Group intends to cancel the shares it purchases through the programme.
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 16 May 2024 (which permits the Company to purchase no more than 6,377,679,127 of the Company’s ordinary shares), the EU Market Abuse Regulation (596/2014), the Commission Delegated Regulation (2016/1052), in each case as such legislation forms part of assimilated law (as defined in the EU (Withdrawal) Act 2018), and Chapter 12 of the Financial Conduct Authority’s Listing Rules. The buyback is subject to the continuing approval of the Prudential Regulatory Authority.
For the avoidance of doubt, no repurchases will be made in the United States or in respect of the Lloyds Banking Group’s American Depositary Receipts.
