Johnson Matthey Plc (JMAT.L), a chemicals and sustainable technologies company, said on Wednesday that it will launch a repurchase of shares of 110 49/53 pence each in the company for up to a maximum consideration of 250 million pounds.
The maximum number of shares that may be repurchased is 18.345 million shares with an aim to reduce the share capital of the company.
Under the first tranche of the repurchase, the company will commence repurchase of 125 million pounds of shares with immediate effect.
Johnson Matthey has entered into a deal with Citigroup Global Markets Limited to purchase the shares for subsequent repurchase by Johnson Matthey.
All shares repurchased under the drive will be cancelled.
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