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National Grid commences share buyback

02 June 2017 09:31

National Grid is to commence its total £835m share buy-back programme to repurchase ordinary shares in the capital of the company, expected to be carried out in not less than two tranches.

The sole purpose of the programme was, as previously announced, to reduce the share capital of the company as part of the return of proceeds to shareholders following the sale of a majority interest in the company's UK gas distribution business.

It said it had entered into an irrevocable and non-discretionary arrangement with Barclays Capital Securities Ltd, an independent third party, in relation to the first tranche of the programme, which would begin on 2 June and end no later than 27 December.

Barclays would act as principal during the First Tranche and would make its trading decisions concerning the timing of the purchases of the company's ordinary shares independently of the company.

The maximum pecuniary amount allocated to the First Tranche of the programme was £425m.

At 9:31am: (LON:NG.) National Grid PLC share price was -0.25p at 1049.75p

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