WPP plc commences an Equity Buyback Plan for 1,192,983,72 shares, representing 10% of its issued share capital under the authorization approved on May 24, 2022.
September 12, 2022 at 06:10 am EDT
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WPP plc (LSE:WPP) commences share repurchases on September 9, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 24, 2022. As per the mandate, the company is authorized to repurchase up to 1,192,983,72 shares, representing 10% of the issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share £0.1. The maximum price which may be paid for an ordinary share is an amount equal to the higher of 105% of the average of the middle market quotations for the ordinary shares taken from the London Stock Exchange Daily Official List for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out. The repurchased shares will be held in treasury. The repurchases will be made out of distributable profits. The repurchased shares may either be cancelled or held as treasury shares. Unless previously varied or revoked, the authority shall expire at the next Annual General Meeting in 2023, or September 1, 2023, whichever is earlier. As at March 25, 2022, the company had 1,192,983,719 shares in issue and 70,489,953 shares in treasury.
On September 8, 2022, the company into the agreement to purchase shares for upto £170 million. The programme will take place until December 31, 2022.
WPP plc is one of the world's largest communication groups. Net sales break down by activity as follows:
- advertising and marketing services (77.5%): operating through GroupM, AKQA, Ogilvy, Wunderman Thompson, VMLY&R and Hogarth. The group also develops an advertising space purchase activity and offers services in institutional and financial communications, healthcare communications, relationship marketing, etc.;
- public relations (8.5%): Burson Cohn & Wolfe, Hill+Knowlton Strategies and FGS Global;
- specialized communication services (6.7%): Landor & Fitch and Design Bridge and Partners.
Net sales are distributed geographically as follows: the United Kingdom (13.9%), Continental and Western Europe (19.9%), North America (38.5%) and Asia/Pacific/Latin America/Africa/Middle East/Central and Eastern Europe (27.7%).
WPP plc commences an Equity Buyback Plan for 1,192,983,72 shares, representing 10% of its issued share capital under the authorization approved on May 24, 2022.