Royal Dutch Shell Plc (NYSE: RDS-A) will repurchase shares for cancellation from early January to mid-March next year, as part of a binding buyback deal with an independent third party, the company said Dec. 27. The deal will offset dilution created by the issuance of shares for Shell’s Scrip Dividend Program, the company added.
The irrevocable, non-discretionary agreement allows “B” ordinary shares to be purchased and canceled from Jan. 2 to March 13, 2014, the company said. This time frame includes the Q4 2013 results close period, Shell added.
Any purchases will be affected within certain pre-set parameters, and in accordance with Shell’s general authority to repurchase shares and Chapter 12 of the Listing Rules.
Shell is an Anglo-Dutch multinational oil and gas company that is headquartered in The Hague.