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Glencore plc announced today, 17 July 2025, a Notice of General Meeting to be held on 5 August 2025 at 4 p.m. Central European Summer Time. The meeting seeks shareholder approval to authorise the company to make off-market purchases of its shares. Glencore has finalised an alternative share buy-back structure and concluded a contract today with UBS AG, under which UBS will purchase shares in the market, and Glencore will then make off-market purchases of those shares from UBS for cancellation.
| Date | 17 Jul 2025 |
| Time | 08:00:00 |
| Category | AGMs and other meetings |
| ID | 4636R |
Glencore plc
Baar, Switzerland
17 July 2025
Notice of General Meeting
Glencore plc (the "Company") releases today a Notice of General Meeting, which will be held on 5 August 2025 at 4 p.m. Central European Summer Time at Theater-Casino Zug, Artherstrasse 2-4, Zug, Switzerland for the purpose of proposing that the Company be authorised to make off-market purchases of its shares.
As referenced in the Company's announcement on 7 July 2025 on the launch of its 2025/2026 share buy-back programme (the "Current Programme"), the Company has been progressing alternative buy-back programme structures to preserve its Swiss capital contribution reserves and mitigate the future effect of Swiss withholding tax charges on share buy-backs as many Swiss companies are able to do. Following receipt of the required clearances from the Swiss Federal Tax Administration, the Company has now finalised its proposed alternative share buy-back structure and has concluded a contract today with UBS AG (UBS). Under this contract, UBS would make purchases of the Company's shares in the market, and the Company would then make off-market purchases of those shares from UBS for cancellation. The Company proposes to continue to implement the Current Programme (and may conduct future share buy-back programmes) under the UBS contract. Under Jersey company law, off-market purchases of a company's own shares may only be made pursuant to a buy-back contract that has been approved by shareholders. Accordingly, the General Meeting is being convened to seek shareholders' approval of this contract. Further details of the proposed structure and of this contract are set out in the Notice of General Meeting.
The Notice of General Meeting and Form of Proxy for the General Meeting are being made available or posted to shareholders today. These documents are also available on our website at https://www.glencore.com/investors/shareholder-centre/general-meeting-2025 and, in accordance with UKLR 6.4.1R, will shortly be available for inspection on the FCA's National Storage Mechanism at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
For further information please contact:
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Investors |
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Martin Fewings |
t: +41 41 709 28 80 |
m: +41 79 737 56 42 |
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Media |
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Charles Watenphul |
t: +41 41 709 24 62 |
m: +41 79 904 33 20 |
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Company Secretarial |
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John Burton |
t: +41 41 709 26 19 |
m: +41 79 944 54 34 |
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www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise our own operational footprint. For more information see our 2024-2026 Climate Action Transition Plan, available on our website at glencore.com/publications.
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Important Information
This material does not purport to contain all of the information you may wish to consider. For further important information, including in connection with forward-looking statements and other cautionary information, refer to the Important notice section of Glencore's 2024 Annual Report, which is available at glencore.com/publications. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
Other information
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.