Kerry Group plc commences an Equity Buyback Plan for 17,347,950 shares, representing 10% of its issued share capital, under the authorization approved on May 2, 2024.
May 08, 2024 at 02:00 am
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Kerry Group plc (ISE:KRZ) commences share repurchases on May 7, 2024, under the program mandated by shareholders in the Annual General Meeting held on May 2, 2024. As per the mandate, the company is authorized to repurchase up to 17,347,950 shares, representing 10% of its issued share capital. The authorization will be valid till Next Annual General Meeting in 2024 or August 1, 2025, unless previously renewed, revoked or extended. As of May 2, 2024, the company had 173,479,498 shares in issue.
On May 3, 2024, the company announced a share repurchase program. Under the program, the company entered into non-discretionary instructions with Goldman Sachs International and J&E Davy to repurchase up to 17,347,949 shares for ?300 million worth of its ordinary shares. The purpose of the program is to reduce share capital of the company. The repurchased shares will be cancelled. The program will commence on May 7, 2024, and will end no later than December 19, 2024.
Kerry Group plc is a world leading taste and nutrition partner for the food, beverage and pharmaceutical markets. It innovates with its customers to create great tasting products, with improved nutrition and functionality, while ensuring better impact for the planet. Net sales break down by family of products as follows:
- tastes and nutritional ingredients (86.5%);
- dairy ingredients and products (13.5%; Dairy Ireland): primarily functional proteins, nutritional bases and chilled dairy.
At the end of 2023, the group had 137 production sites worldwide.
Net sales are distributed geographically as follows: Ireland (6.7%), Europe (24.7%), Americas (47.4%) and Asia/Pacific/Middle East/Africa (21.1%).
Kerry Group plc commences an Equity Buyback Plan for 17,347,950 shares, representing 10% of its issued share capital, under the authorization approved on May 2, 2024.