Stock BuybacksBy The Online Investor Staff, updated Mon., Jan. 24, 12:18 PM
|This Slide: #10 of 25|
Slide #10. Ferguson plc
Ferguson plc (NYSE:FERG)
Share Amount Authorized:
Ferguson plc (the "Company") announces that, in continuation of the share repurchase program announced by the Company on September 30, 2021 (the "Program"), it has entered into an irrevocable and non-discretionary arrangement with its broker J.P. Morgan Securities PLC ("JPMS") commencing from January 14, 2022 and ending no later than April 6, 2022. JPMS, an independent third party, will act as principal and will make trading decisions concerning the timing of the purchases of the Company's shares independently of the Company. JPMS will carry out the instruction through the acquisition by JPMS, acting as principal, of ordinary shares in the Company for subsequent purchase by the Company. JPMS may undertake transactions in shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the period of the Program in order to manage its market exposure under the Program. Disclosure of such transactions will not be made by JPMS as a result of or as part of the Program, but JPMS will continue to make any disclosures it is otherwise legally required to make. The Company's shareholders generally authorized the Company to purchase up to a maximum of 22,186,462 of its ordinary shares at its Annual General Meeting held on December 2, 2021. Pursuant to such authority, the Company intends to continue purchasing shares under the Program. The Company anticipates that it will request a similar general authority from shareholders at its Annual General Meeting expected to be held in November/December 2022 pursuant to which (to the extent the Program has not been completed by then) purchases of shares under the Program will continue. The aggregate number of shares acquired by the Company pursuant to the Program shall not exceed the maximum number of shares which the Company is authorized to purchase pursuant to such general authorities. As announced on September 30, 2021, it is intended that any shares repurchased under the Program will be transferred into treasury.
Ferguson is a holding company. Through its subsidiaries, Co. is a distributor of plumbing and heating products to contractors principally operating in North America.
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