Royal Dutch Shell has announced the start of trading in the third tranche of its share buyback program.
The company made a previous announcement about the program on July 26, 2018.
Shell says it intends to buy back at least $25 billion of its shares by the end of 2020 “subject to further progress with debt reduction and oil price conditions”.
On October 19, 2018 and January 28, 2019, the company completed the first and second tranches, respectively.
The third tranche will be carried out on the London Stock Exchange and/or on BATS and/or on Chi-X.
In a statement, Shell said: “The purpose of the third tranche is to reduce the issued share capital of the company to offset the number of shares issued under the Scrip Dividend Programme. And to significantly reduce the equity issued in connection with the company’s combination with BG Group. All shares repurchased as part of the third tranche will be cancelled.”
The company says it will announce any further tranches of the buyback program “in due course”.
Directorate change: Neil Carson
In other news, Shell says Neil Carson will be appointed a Director of the Company with effect from June 1.
Chair of Royal Dutch Shell plc Chad Holliday said: “The Nomination and Succession Committee recommended Neil’s appointment to the Board following its review of the skills, knowledge and experience needed and a rigorous and thorough search process.
“Neil has a wealth of expertise. The Board is delighted to recommend to shareholders that he be appointed a Director of the Company.”
Born on April 15, 1957, Neil is a UK citizen and former FTSE 100 chief executive. After completing an engineering degree, he joined Johnson Matthey in 1980 where he held several senior management positions in both the UK and US. He became CEO in 2004.
Neil currently serves as Honorary President of the Society for the Chemical Industry. He was also awarded an OBE for services to the chemical industry in 2016.