Shell plc Announces Share Buyback Program
Shell plc, a prominent company in the energy sector, has made headlines with its recent announcement concerning its share buyback program. This strategic move is essential for enhancing shareholder value. The company disclosed that it has purchased a significant number of shares for cancellation in line with its long-term financial objectives.
Details of the Share Purchases
On the designated purchase date, Shell plc acquired a total of 806,365 shares at an average price of £26.9993 per share on the London Stock Exchange (LSE). The shares were bought as part of a broader initiative aimed at optimizing the company’s capital structure.
Summary of Share Purchases
Here's a summary of the share purchases made:
- Date of Purchase: 30/08/2024
- Number of Shares Purchased: 806,365
- Highest Price Paid: £27.2900
- Lowest Price Paid: £26.6900
- Volume Weighted Average Price: £26.9993
- Trading Venue: LSE
- Currency: GBP
In addition to this, the company executed other transactions across various trading venues, including Chi-X (CXE), BATS (BXE), and XAMS. These transactions collectively demonstrate Shell plc's commitment to proactively managing its capital through share buybacks.
Purpose of the Share Buyback
This buyback program is not just a numerical exercise; it plays a crucial role in the company’s financial strategy. The shares are purchased as part of Shell's existing buyback program that started earlier. The purpose is to support the overall stock price and, by extension, boost shareholder confidence.
Independent Trading Decisions
It's noteworthy that Citigroup Global Markets Limited is responsible for executing the trading decisions associated with this buyback program, operating independently from Shell. Their mandate runs from the start of the buyback program until the specified end date.
Compliance and Regulation
Shell plc's actions are compliant with existing regulations. The company adheres to guidelines laid out in Chapter 12 of the Listing Rules and the Market Abuse Regulation, ensuring transparency and integrity in these buybacks.
The structured approach includes both on-market and off-market transactions, each subject to clear parameters approved by shareholders. This detailed adherence to regulatory frameworks not only legitimizes the process but also provides assurance to investors regarding its execution.
Contact Information for Inquiries
Solicited questions go to Shell's PR departments:
- Media International: +44 (0) 207 934 5550
- Media Americas: +1 832 337 4335
For those interested in further details regarding Shell plc's trading activity and contact specifics, the legal entity identifier (LEI) for the company is 21380068P1DRHMJ8KU70.
Frequently Asked Questions
What is the purpose of Shell plc's share buyback program?
Shell plc's share buyback program is designed to enhance shareholder value by reducing the number of shares outstanding, which can lead to an increase in the value of remaining shares.
Who is responsible for executing the share purchases?
Citigroup Global Markets Limited is responsible for making independent trading decisions regarding the share purchases as part of the buyback program.
How many shares did Shell purchase recently?
Shell purchased a total of 806,365 shares on the London Stock Exchange during its recent transactions.
What regulations govern the share buyback program?
The program is governed by Chapter 12 of the Listing Rules and the Market Abuse Regulation, ensuring compliance and transparency.
How can I contact Shell for more information?
For media inquiries, you can reach Shell's Media International department at +44 (0) 207 934 5550 or the Media Americas department at +1 832 337 4335.
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