Share buy-back programme

Glencore plc (the “Company”) announces the commencement of a programme to make market purchases of its ordinary shares (the “Shares”) of an aggregate value of USD1.5 billion (the “Programme”), subject to market conditions, with intended completion by the time of the Group’s interim results announcement in August 2023. 

The Programme will be effected in accordance with the terms of the authority granted by shareholders at the 2022 AGM and, subject to shareholder approval at the 2023 AGM, will continue on the terms of the renewed authority. The Programme’s purpose is to reduce the capital of the Company. It is currently intended that any Shares purchased will be held in treasury.

The Company has entered into an agreement with UBS AG, London Branch (the “Bank”) to initially conduct the Programme, under which trading decisions may be undertaken by the Bank in accordance with the directions of the Company. If the Company is unable to do so, the Bank is mandated to make trading decisions concerning purchases under the Programme independently of the Company.

The Bank may undertake transactions in the Shares (which may include sales as well as purchases and may include participation in block purchases) in order to meet its obligations pursuant to its agreement with the Company. 

The implementation of the Programme is in line with the Company’s stated financial policies and thresholds.

Any buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the FCA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (which are part of UK law by virtue of the European Union (Withdrawal) Act 2018). 

The market will be notified in accordance with those rules when purchases are made. 

Download the summary of the 2023 Programme

Glencore plc (the “Company”) announces the commencement of a programme to make market purchases of its ordinary shares (the “Shares”) of an aggregate value of USD3 billion (the “Programme”), subject to market conditions, which may continue until the 2022 full year results are announced in February 2023. 

The Programme will be effected in accordance with the terms of the authority granted by shareholders at the 2022 AGM and its purpose is to reduce the capital of the Company. It is currently intended that any Shares purchased will be held in treasury.

The Company has entered into an agreement with Citigroup Global Markets Limited (the “Bank”) to initially conduct the Programme, under which trading decisions may be undertaken by the Bank in accordance with the directions of the Company. If the Company is unable to do so, the Bank is mandated to make trading decisions concerning purchases under the Programme independently of the Company.

The Bank may undertake transactions in the Shares (which may include sales as well as purchases and may include participation in block purchases) in order to meet its obligations pursuant to its agreement with the Company. 

The implementation of the Programme is in line with the Company’s stated financial policies and thresholds.

Any buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the FCA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (which are part of UK law by virtue of the European Union (Withdrawal) Act 2018). 

The market will be notified in accordance with those rules when purchases are made. 

Download the summary of the 2022/2023 Programme

As noted in the 2021 preliminary results released on 15 February 2022, Glencore plc (the “Company”) announces that, on 21 February 2021, it commenced a share a share repurchase or buy-back programme of USD550 million (the “Programme”) until the interim results are published in August 2022. The Programme will be effected in accordance with the terms of the authority granted by shareholders at the 2021 AGM and, subject to shareholder approval at the 2022 AGM, will continue on the terms of the renewed authority. 
The Programme’s purpose is to reduce the capital of the Company and it is currently intended that any ordinary shares of the Company (the “Shares”) purchased will be held in treasury.

The Company has entered into an agreement with Morgan Stanley & Co. International Plc (the “Bank”) to conduct the Programme, under which trading decisions may be undertaken by the Bank in accordance with the directions of the Company. If the Company is unable to do so, the Bank is mandated to make trading decisions concerning purchases under the Programme independently of the Company.
The Bank may undertake transactions in the Shares (which may include sales as well as purchases and may include participation in block purchases) in order to meet its obligations pursuant to its agreement with the Company. 
The implementation of the Programme is in line with the Company’s stated financial policies and thresholds.

Any buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the FCA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (which are part of UK law by virtue of the European Union (Withdrawal) Act 2018). 
The market will be notified in accordance with those rules if and when purchases are made. 

Download the summary of the 2022 Programme

2021 share buy-back programme

As announced on 5 August 2021, Glencore plc (the “Company”) will commence a share repurchase or buy-back programme of up to USD650 million (the “Programme”), which may continue until the 2021 full year results are announced in February 2022. 

The Programme will be effected in accordance with the terms of the authority granted by shareholders at the 2021 AGM and its purpose is to reduce the capital of the Company. It is currently intended that any ordinary shares of the Company (the “Shares”) purchased will be held in treasury.

The Company has entered into an agreement with Citigroup Global Markets Limited (the “Bank”) to conduct the Programme, under which trading decisions may be undertaken by the Bank in accordance with the directions of the Company. If the Company is unable to do so, the Bank is mandated to make trading decisions concerning purchases under the Programme independently of the Company.

The Bank may undertake transactions in the Shares (which may include sales as well as purchases and may include participation in block purchases) in order to meet its obligations pursuant to its agreement with the Company. 

The implementation of the Programme is in line with the Company’s stated financial policies and thresholds.

Any buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the FCA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (which are part of UK law by virtue of the European Union (Withdrawal) Act 2018). 

The market will be notified in accordance with those rules if and when purchases are made. 

Download the summary of the 2021 Programme

2019 share buy-back programme

On 20 February 2019, Glencore plc announced a new $2 billion buyback programme, which ran until 6 December 2019 (the “Programme”). 

The Programme was effected in accordance with the terms of the authority granted by shareholders at the 2018 AGM and the renewed authority at the 2019 AGM. 

All shares purchased by the Company as part of the Programme are held in treasury.

Any buy-back of the Company's shares pursuant to the Programme was effected in accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (and within the meaning of this Regulation the purpose of the Programme is to reduce the capital of the Company). The market was notified in accordance with those rules if and when purchases were made. 

Download the summary of the 2019 Programme
 

2018/19 share buy-back programme

On 5 July 2018, Glencore plc commenced a share repurchase or buy-back programme of up to USD1 billion (the “Programme”) in the period to 31 December 2018. On 25 September 2018, Glencore plc further announced an increase in the size of the Programme by an additional amount of up to USD1 billion and the extension of the duration of the programme until the close of dealings on 20 February 2019.

The Programme was effected in accordance with the terms of the authority granted by shareholders at the 2018 AGM. 

All shares purchased by the Company as part of the Programme are held in treasury.

Any buy-back of the Company's shares pursuant to the Programme was effected in accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (and within the meaning of this Regulation the purpose of the Programme is to reduce the capital of the Company). The market was notified in accordance with those rules if and when purchases were made. 

Download the summary of the 2018/19 Programme