Announcement of Non-Discretionary Share Buyback Programme
7 December 2017
RELX PLC and RELX N.V. (the "Companies") announce the completion of their £700m share buyback programme for 2017. Consistent with prior year practice, and in compliance with the EU Market Abuse Regulation, the Companies also announce they will implement an irrevocable, non-discretionary programme to repurchase their respective ordinary shares up to the combined total value of £100 million between 2 January 2018 and 12 February 2018 (the "Programme”), ahead of the Companies’ results announcement on 15 February 2018.
The ratio of the respective ordinary shares to be bought back by each of the Companies over the course of the Programme will be set by reference to the Companies’ respective economic interests in RELX Group plc. The purpose of the Programme is to reduce the capital of the Companies. The Companies intend that shares purchased will be held in treasury.
Any share purchases will be made by the Companies within certain pre-set parameters and in accordance with the general authorities of the Companies to repurchase shares granted by shareholders at the RELX PLC Annual General Meeting held on 20 April 2017 and the RELX N.V. Annual General Meeting held on 19 April 2017 which, taking into account shares purchased subsequent to these meetings, permit the Companies to purchase no more than 101.0 million ordinary shares of RELX PLC and 89.4 million ordinary shares of RELX N.V. Any share purchases effected by the Companies will be in accordance with the EU Market Abuse Regulation and, in addition, any share purchases effected by RELX PLC will be in accordance with Chapter 12 of the UK Listing Rules.
The Companies have each entered into separate agreements with J.P. Morgan Securities plc (JPMS plc) under which they have issued irrevocable instructions to JPMS plc to manage the Programme. JPMS plc will carry out each of the Companies’ instructions through the acquisition of ordinary shares in the Companies for subsequent repurchase by the respective Company. JPMS plc will make its trading decisions under the Programme independently of, and uninfluenced by, the Companies.
ISSUED ON BEHALF OF RELX PLC AND RELX N.V.