Clarivate Plc, a global leader in providing trusted information and insights to accelerate the pace of innovation, announced that its Board of Directors has approved the purchase of up to $1.0 billion of the Company’s ordinary shares through open-market purchases, to be executed through December 31, 2023.
The Board of Directors also declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares, payable in cash on March 1, 2022 to shareholders of record at the close of business on February 15, 2022.
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“Our Board is committed to a disciplined capital allocation strategy including investing to support growth initiatives and returning capital to shareholders,” said Jerre Stead, Executive Chairman and CEO. “We are generating strong cash flow and believe our current share price represents a compelling investment opportunity.”
The repurchase program, which replaces the repurchase program previously announced in August 2021, is expected to commence following the public disclosure of the Company’s 2021 financial results and filing of its annual report on Form 10-K. The Company expects to fund the purchases with cash on hand and will seek shareholder approval at its upcoming Annual General Meeting of Shareholders to increase its current shareholder authorization received in 2020, which authorized the repurchase of 50,000,000 ordinary shares.
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