Barclays helps Airtel buy-back 12.25m shares since Dec. 23

Since the commencement of the share buy-back programme on December 23, 2024, Airtel Africa has purchased 12,254,438 ordinary shares in aggregate, at a volume weighted average price of 116.6170 GBp per ordinary share.

The Company entered into an agreement with Barclays Capital Securities Limited (Barclays) to conduct the first tranche of the buy-back and carry out on-market purchases of its ordinary shares with the Company subsequently purchasing its ordinary shares from Barclays.

Under this agreement, Barclays will act as riskless principal and will make decisions independently of the Company. Airtel Africa which noted this on Monday January 20 said it has purchased this number of its ordinary shares of USD 0.50 each from Barclays Capital Securities Limited pursuant to the authority granted by its shareholders as part of its share buy-back programme.

The company recently released detailed information of the individual trades made by Barclays Capital Securities Limited as part of the buy-back programme.

The share buy-back programme is expected to be phased over two tranches, with the first tranche anticipated to end on or before April 24, 2025. The first tranche will amount to a maximum of $50 million.

Read also: Airtel buys back 4.335m shares since commencement of programme

Aggregate information on shares purchased according to trading venues showed at average weighted price of GBp 124.27 per share, the company has so far bought 326,082 units at London Stock Exchange; 40,547 shares were bought back at BATS Europe at average weighted price of GBp 124.33; and 136,661 units at CHI-X Europe at average weighted price of GBp 124.33.

Also, Airtel Africa has at the Aquis Exchange bought back its 45,510 units at average weighted price of GBp 124.44, and at Turquoise the company has bought 51,200 units at an average weighted price of GBp 124.36.

Airtel Africa Plc commenced a second share buyback programme that will return up to $100 million to its shareholders. The sole purpose of the buy-back programme is to reduce the capital of the Company. As such, all shares purchased under the buy-back programme will be cancelled.

At the annual general meeting on July 3, 2024 shareholders gave the Company authority to purchase a maximum of 374,141,187 ordinary shares and following the completion of the previous buyback, the remaining authority amounts to a maximum of 328,842,995 ordinary shares).

Airtel Africa said the share buyback reflects the Board’s confidence in the Company’s continued growth potential, the strength of its balance sheet and the consistent cash accretion at the holding company level.

The buyback remains in line with the Company’s existing capital allocation policy. The programme will be executed in accordance with applicable securities laws and regulation.

Any purchases of ordinary shares under the buy-back programme will be carried out in accordance with certain pre-set parameters set out in the agreement with Barclays and in accordance with (and subject to the limits prescribed by) the Company’s general authority to repurchase ordinary shares granted by its shareholders from time to time.