Share Buyback Programme
Genus announces £60 million share buyback programme expected to conclude in H2 FY27.
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Genus (LSE: GNS; the “Group” or the “Company”), a global leader in animal genetics, announces that it is commencing a share buy-back programme (the “Programme”) pursuant to which it may repurchase up to £60 million of its ordinary shares (the “Shares”). The Programme is consistent with the Group’s capital allocation framework and reflects confidence in the Group’s financial position, long-term growth prospects and sustainable cash generation. The Programme will commence immediately and is expected to conclude during the second half of FY27.
The purpose of the Programme is to reduce the capital of an issuer. As such, Shares purchased by the Company will be cancelled.
The Programme will be carried out pursuant to a non-discretionary agreement with J.P. Morgan Securities plc (JPMS plc), under which the Company has established certain pre-set parameters in accordance with which purchases may be made during the Programme. JPMS plc shall purchase Shares as riskless principal (and not as agent of the Company). In accordance with the terms of the Programme, purchases of Shares may continue during closed periods of the Company. During any such period, JPMS plc will make its trading decisions in relation to the Shares independently of, and uninfluenced by, the Company, subject to the agreed parameters of the Programme and applicable law and regulation.
Any purchases of Shares by the Company will be carried out in accordance with (and subject to the limits prescribed by) the Company’s general authority to repurchase Shares granted by its shareholders from time to time, Chapter 9 of the Financial Conduct Authority’s UK Listing Rules and the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended). The Programme will be discontinued in the event that the Company ceases to have the necessary general authority to repurchase Shares.
Footnotes
1 PRRS (Porcine Reproductive and Respiratory Syndrome) Resistant Pig (“PRP”)
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