Share buyback programme
4 March 2021
The Sage Group plc ("Sage" or the "Group") today announces that it is commencing a share buyback programme of up to £300 million. The programme will run from 4 March 2021, and is expected to end no later than 4 September 2021.
The share buyback programme is consistent with the Group's disciplined approach to capital allocation, and reflects the sale proceeds from recent disposals and strong ongoing cash generation. The Group continues to have considerable financial flexibility to drive the execution of its growth strategy, supported by its robust financial position.
Further details of the share buyback programme are set out below.
This announcement contains inside information. The person responsible for making this announcement on behalf of Sage is Vicki Bradin (Company Secretary).
The Sage Group plc +44 (0) 7900 046714
James Sandford, Investor Relations
Amy Lawson, Media
FTI Consulting +44 (0) 20 3727 1000
Further details of the share buyback programme
Sage has entered into a non-discretionary arrangement with Morgan Stanley & Co. International plc in relation to the purchase by Morgan Stanley, as principal, of ordinary shares of Sage (the "Shares"), and intends to enter into a similar arrangement with J.P. Morgan Securities plc (together with Morgan Stanley, the "Brokers") for the latter half of the buyback period.
The Brokers will make trading decisions in relation to Shares purchased under the buyback programme independently of, and uninfluenced by, Sage. The Brokers will make a simultaneous on-sale of such Shares to Sage, and all Shares repurchased will be held in treasury and used to meet obligations arising from share option programmes, or other allocations of shares, to employees or directors.
Any purchases of Shares contemplated by this announcement will be carried out on the London Stock Exchange and/or other recognised investment exchange(s), and will be effected within certain pre-set parameters. These arrangements are in accordance with Sage's general authority to repurchase up to 109,355,465 Shares granted at its 2021 Annual General Meeting, Chapter 12 of the Listing Rules, and those provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) dealing with buyback programmes.