Company Announcements

Share repurchase programme

Source: RNS
RNS Number : 3540P
Barratt Developments PLC
08 February 2023


Share repurchase programme


Barratt Developments PLC (the "Company" or "Barratt Developments") announces that it has instructed Credit Suisse International ("CSI") in relation to an irrevocable non-discretionary agreement to purchase up to £100 million (excluding expenses) of the Company's ordinary shares of 10 pence each ("Shares"), during the period commencing on 9 February 2023 and ending no later than 30 June 2023 (the "Third Tranche") (Note 1). CSI will act as riskless principal, and any Shares acquired by CSI under the Third Tranche will be simultaneously on-sold by CSI to the Company. This is the third and last tranche of an overall commitment by the Company to purchase up to £200 million of its shares for cancellation to be completed by no later than 30 June 2023 as announced on 7 September 2022 (the "Buyback Programme").

CSI will make its trading decisions concerning the timing of the purchases of the Shares independently of the Company. Any repurchase of Shares contemplated by this announcement will be carried out on the London Stock Exchange. For the avoidance of doubt, no repurchases will be made in respect of the Company's American Depositary Receipts.

The purpose of the Buyback Programme is to reduce the share capital of the Company. As such, the Company will cancel any Shares purchased under the Third Tranche.

Any acquisitions of Shares under the Third Tranche will be carried out within certain pre-set parameters and in accordance with the Company's existing general authority to repurchase Shares. The Third Tranche will be conducted within the parameters prescribed by the Market Abuse Regulation (596/2014) (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) and in accordance with Chapter 12 of the UK Listing Rules. Any repurchase of Shares will be announced no later than 7:30 a.m. on the business day following the calendar day on which the repurchase occurred.

Note 1. The maximum number of Shares that the Company may purchase is 89,534,544, in line with the authority granted to Barratt Developments by shareholders at the Company's Annual General Meeting on 17 October 2022 and taking into account the 12,721,737 shares purchased and cancelled during the previous tranche completed on 23 December 2022.




Tina Bains

07702 676380

Mike Scott 

07881 327748


Date of notification: 8 February 2022

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