Share Repurchase Programme - Drax

Share Repurchase Programme

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Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola
5th December 2018

Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola

On 16 October 2018, Drax Group plc (“Drax” or the “Company”) announced that it had entered into a binding conditional agreement to purchase Scottish Power's portfolio of pumped storage, hydro and gas-fired generation for £702 million in cash from Iberdrola (the “Acquisition”).
RNS Number : 5390L
Drax Group PLC

Drax Group plc (the Company) today announces that it is commencing a £50 million share buy-back programme of the Company’s shares of 11 16/29 pence each (the Programme). The purpose of the Programme is to reduce the Company’s share capital. The shares purchased by the Company will be held in treasury pending cancellation or re-issue.

The maximum number of shares that may be repurchased by the Company under the Programme is 40,670,254. The Programme is expected to be completed no later than 21 January 2019.

The Company has entered into an agreement with J.P. Morgan Securities plc (JPMS plc) pursuant to which it has issued an irrevocable instruction to JPMS plc to manage the Programme. JPMS plc will carry out the Programme through the acquisition of ordinary shares in the Company within certain pre-defined parameters for subsequent repurchase by the Company. The arrangement agreed is in accordance with Chapter 12 of the UKLA Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes.

JPMS plc 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) in order to manage its market exposure under the Programme. Disclosure of such transactions will not be made by JPMS plc as a result of or as part of the Programme, but JPMS plc will continue to make any disclosures it is otherwise legally required to make.

Enquiries:

Investor Relations:

Mark Strafford

+44 (0) 1757 612 491

Media:

Ali Lewis

+44 (0) 1757 612 165

Website: www.drax.com

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