REG - Auction Technology - Share repurchase programme

Auction TechnologyAnnouncement

04/03/2025 07:15

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RNS Number : 1857Z  Auction Technology Group PLC  04 March 2025

LEI: 213800U8Q9K2XI3WRE39

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 WHICH IS PART OF UK DOMESTIC LAW
PURSUANT TO the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310).

 

AUCTION TECHNOLOGY GROUP PLC

 

Share repurchase programme

 

London, United Kingdom, 4 March 2025 - Auction Technology Group plc ("ATG",
"the Company", "the Group") (LON: ATG), operator of world-leading marketplaces
for curated online auctions, announces today that it will commence a share
repurchase programme of its ordinary shares of 0.01 pence each (the "Ordinary
Shares") up to a maximum aggregate consideration of $40 million to be executed
during the period from today until the date of the Company's next Annual
General Meeting, expected to be held in January 2026 (the "Repurchase
Programme").

 

The Company's capital allocation policy prioritises enhancing growth of the
business, both organically and through select inorganic opportunities as they
arise, whilst maintaining an appropriate level of liquidity headroom and
returning excess capital to shareholders where appropriate (with the final
priority being the purpose of the Repurchase Programme).

 

ATG will execute the Repurchase Programme in two tranches. In respect of the
first tranche, ATG has entered into a discretionary agreement with Numis
Securities Limited ("Deutsche Numis") to purchase Ordinary Shares for an
aggregate value (excluding expenses) of up to $20 million pursuant to the
Repurchase Programme (the "Initial Tranche"). Purchases of Ordinary Shares
under the Initial Tranche, if any, will commence today and end no later than
the date of the Company's next Annual General Meeting and will be carried out
on the London Stock Exchange.

Any purchase of Ordinary Shares undertaken in relation to this announcement
will be executed in accordance with (i) the terms and parameters of Deutsche
Numis' engagement; (ii) the relevant regulations, including the EU Market
Abuse Regulation (596/2014) and the Commission Delegated Regulation
(2016/1052), in each case as such legislation forms part of retained EU law
(as defined in the EU (Withdrawal) Act 2018), and Chapter 9 of the Financial
Conduct Authority's UK Listing Rules and (iii) the Company's general authority
to make market purchases of Ordinary Shares as approved by shareholders at the
AGM held on 30 January 2025.  In accordance with the general authority passed
at the AGM, the maximum price paid per Ordinary Share (exclusive of expenses)
will be no more than the higher of: (i) 105 per cent of the average middle
market quotations taken from the London Stock Exchange Daily Official List for
the five business days preceding any Ordinary Shares being purchased; and (ii)
the higher of the price of the last independent trade and the highest
independent bid for Ordinary Shares as derived from the London Stock Exchange
Trading System. The minimum price (exclusive of expenses) shall be no less
than 0.01 pence per Ordinary Share, being the nominal value of an Ordinary
Share.

 

The Company will announce any market repurchase of Ordinary Shares no later
than 7.30am on the business day following the calendar day on which the
repurchase occurs. Ordinary Shares purchased under the Repurchase Programme
will be held in treasury.

 

The Group confirms that it currently has no unpublished price sensitive
information.

 

Further details on the second tranche of the Repurchase Programme will be
announced in due course.

 

For further information please contact:

 ATG
 For investor enquiries, Rebecca Edelman          rebeccaedelman@auctiontechnologygroup.com
                                                  (mailto:rebeccaedelman@auctiontechnologygroup.com)
 For media enquiries                              press@auctiontechnologygroup.com (mailto:press@auctiontechnologygroup.com)

 Deutsche Numis                                   +44 207 260 1000

 Nick Westlake, William Baunton, Tejas Padalkar

 Teneo Communications                             +44 207 353 4200
 (Public relations advisor to ATG)                ATG@teneo.com (mailto:ATG@teneo.com)
 Tom Murray, Matt Low, Arthur Rogers

 

 

About Auction Technology Group plc

Auction Technology Group plc ("ATG") is the operator of world-leading
marketplaces for curated online auctions, seamlessly connecting bidders from
around the world to around 4,000 trusted auction houses across two major
sectors: Industrial & Commercial ("I&C") and Art & Antiques
("A&A").

The Group powers eight online marketplaces and listing sites using its
proprietary auction platform technology, hosting just under 86,000 live and
timed auctions each year. ATG has been supporting the auction industry since
1971 and the Group has offices in the UK, US, Germany and Mexico.

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