Company Announcements

7 August 2024

DRAX GROUP PLC

(Symbol: DRX)

Share Buyback Programme

Drax Group plc (the "Company") today announces that, in connection with the up to £300 million share buyback programme announced on 26 July 2024 (the "Programme"), it is commencing the first tranche of a share buyback programme to purchase ordinary shares of 11 ¹⁶/₂₉ pence each in the Company up to a maximum consideration of £75 million (the "First Tranche"). The purpose of the First Tranche is to reduce the Company's share capital.  The ordinary shares purchased by the Company will be held in treasury pending cancellation or re-issue.

Ordinary share purchases as part of the First Tranche of the Programme will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volumes. The maximum number of shares that may be repurchased by the Company under the First Tranche of the Programme is 38,468,257, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the AGM on 25 April 2024, which authority would be expected to be renewed at the AGM to be held in 2025.

The Company has entered into a non-discretionary agreement with RBC Europe Limited ("RBC") pursuant to which it has issued irrevocable instructions to RBC to conduct the First Tranche of the Programme. RBC will carry out the First Tranche of the Programme through the acquisition of ordinary shares in the Company, within certain pre-defined parameters, for subsequent repurchase by the Company. Any purchase of ordinary shares in the Company will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the UK, from time to time, including, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as applicable laws and the regulations of the UK Financial Conduct Authority (including Chapter 9 of the UK Listing Rules).

The Company will make further announcements in due course following the buyback of shares. Note there is no guarantee that the Programme will be implemented in full.  

Enquiries:

Drax Investor Relations: Mark Strafford

+44 (0) 7730 763 949

Chris Simpson

+44 (0) 7923 257 815

Media:

Drax External Communications: Andy Low

+44 (0) 7841 068415 

RBC Europe Limited:

James Agnew / Jack Wood

+44 (0) 20 7404 5959

Website: www.drax.com

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