British Sky Broadcasting PLC Issues update on £500M buyback program disclosed in July
- Announces that the Company has entered into an irrevocable and non-discretionary arrangement with its broker, Barclays Bank PLC, acting through its investment bank ("Barclays") to repurchase on its behalf and within certain pre-set parameters, ordinary shares in the Company for cancellation during the Company's close period commencing on 1 January 2014 and ending on 30 January 2014 (the day of the announcement of the Company's half year results for the 6 month period ended 31 December 2013) ("on-market purchases"). Following any on-market purchases, pursuant to a binding agreement with Twenty-First Century Fox dated 25 July 2013, Twenty-First Century Fox will sell to the Company sufficient ordinary shares to maintain its percentage shareholding at the same level as applied prior to those on-market purchases.