14 November 2024
FirstGroup
plc
Launch
of £50
million share
buyback programme
Earlier
today, FirstGroup plc (“FirstGroup”
or
the “Group”)
announced an on-market share buyback programme to purchase up to
£50m of ordinary shares of 5p (the “£50m
Programme”).
The £50m
Programme will commence tomorrow and it is anticipated that it will
end no later than 13 November 2025,
subject to market conditions.
Notwithstanding
the authority granted at its AGM on 26 July
2024, the Group confirms the £50m Programme will be limited
to 92,258,761 shares, being 14.99% of the Group’s current issued
share capital.
The Group
has entered into a non-discretionary arrangement with Panmure
Liberum Limited (“Panmure
Liberum”) and RBC
Europe Limited (“RBC”)
which will enable the purchase of ordinary shares for the £50m
Programme to continue through close periods.
The £50m
Programme will be undertaken in two tranches of up to £25m, with
RBC undertaking the first tranche and Panmure Liberum undertaking
the second tranche, both acting severally as riskless
principal.
The second
tranche will commence following completion of the first
tranche.
The sole
purpose of the £50m Programme is to reduce the issued share capital
of the Group and therefore the repurchased shares will initially be
held in Treasury, before being cancelled at a later date.
Treasury
shares are not entitled to dividends and have no voting rights at
general meetings.
Any
purchase of Ordinary Shares pursuant to the £50m Programme will be
announced no later than 7:30 a.m. on
the business day following the day on which the purchase
occurs.
The £50m
Programme will be conducted within certain pre-set parameters
including those prescribed by the Market Abuse Regulation 596/2014
(as it forms part of domestic law by virtue of section 3 of the
European Union (Withdrawal) Act 2018 (as amended)) and Chapter 9 of
the Listing Rules.
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Contacts
at FirstGroup:
David
Blizzard, Company Secretary
Marianna
Bowes, Head of Investor Relations
Tel: +44
(0) 20 7725 3354
|
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Contacts
at Liberum Capital Limited:
Nicholas
How / John Fishley
Tel: +44
(0) 20 3100 2000
|
Contacts
at RBC Europe Limited:
James
Agnew / Jack Wood
Tel: +44
(0) 20 7653 4000
|
Forward-looking
statements
Certain
statements included or incorporated by reference within this
announcement may constitute 'forward-looking statements' with
respect to the business, strategy and plans of the Group and our
current goals, assumptions and expectations relating to our future
financial condition, performance and results. By their nature,
forward-looking statements involve known and unknown risks,
assumptions, uncertainties and other factors that cause actual
results, performance or achievements of the Group to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. No
statement in this announcement should be construed as a profit
forecast for any period. Shareholders are cautioned not to place
undue reliance on the forward-looking statements. Except as
required by the UK Listing Rules and applicable law, the Group does
not undertake any obligation to update or change any
forward-looking statements to reflect events occurring after the
date of this announcement.
Notes
Legal
Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as
per DTR 6 Annex 1R: 2.4.