REG - Begbies Traynor - Launch of Share Buyback Programme

Begbies TraynorAnnouncement

21/10/2024 07:00

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RNS Number : 8291I  Begbies Traynor Group PLC  21 October 2024

21 October 2024

 

Begbies Traynor Group plc

 

Launch of Share Buyback Programme

 

Begbies Traynor Group plc (the "Company" or the "Group"), today announces that
it is commencing a share buyback programme of up to £1.5 million, from the
date of this announcement (the "Share Buyback Programme").

 

The Share Buyback Programme will be for on market purchases of ordinary shares
of 5 pence each ("Ordinary Shares") in the Company in accordance with certain
pre-set parameters. The share buyback will take place within the limitations
of the authority granted at the 2024 Annual General Meeting (the "General
Authority").

 

The Company has entered into arrangements with Canaccord Genuity Limited
("Canaccord") to conduct the Share Buyback Programme on its behalf on a
broker-managed basis in relation to the purchase of Ordinary Shares of the
Company during the period commencing 21 October 2024 and 28 February 2025.
Canaccord will make its trading decisions concerning the timing of the
purchases of Ordinary Shares under the Share Buyback Programme independently
of, and uninfluenced by, the Company.  The repurchased shares will be held in
treasury.

 

The Share Buyback Programme will be conducted within certain pre-set
parameters, and in accordance with the General Authority and the provisions of
the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019  and the Commission Delegated
Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse
Regulation) (EU Exit) Instrument 2019 which both form part of the law of the
United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

 

The purpose of the Share Buyback Programme is to meet obligations arising from
debt financial instruments that are exchangeable into equity, to settle
deferred consideration obligations. The Share Buyback Programme will be
financed from the Group's existing cash resources and bank facilities, whilst
retaining sufficient funds for further accretive acquisitions and organic
investments. The Board believes this is a good use of the Group's financial
resources given the current share price and is less dilutive than the issue of
new ordinary shares to satisfy these obligations.

 

As at 21 October 2024, the Company do not hold any Ordinary shares in treasury
and therefore the total number of voting rights in the Company is 159,498,995.

 

 

Enquiries please contact:

 

Begbies Traynor Group plc
                              0161 837 1700

Ric Traynor - Executive Chairman

Nick Taylor - Group Finance Director

 

Canaccord Genuity Limited
 
      020 7523 8350

(Nominated Adviser and Joint Broker)

Emma Gabriel / Harry Pardoe

 

Shore Capital (Joint
Broker)
           020 7408 4090

Malachy McEntyre / Mark Percy / Anita Ghanekar / James Thomas

 

MHP
 
            020 3128 8100

Reg Hoare / Katie Hunt / Charles Hirst
                                begbies@mhpgroup.com
(mailto:begbies@mhpgroup.com)

 

Information on Begbies Traynor Group can be accessed via the group's website
at
https://ir.begbies-traynorgroup.com/ (https://ir.begbies-traynorgroup.com/)

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