REG - Braemar PLC - Commencement of Share Buyback Programme

BraemarAnnouncement

29/05/2025 07:02

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RNS Number : 5030K  Braemar PLC  29 May 2025

29 May 2025

 

BRAEMAR PLC

("Braemar", "the Company" and together with its subsidiaries the "Group")

Commencement of Share Buyback Programme

Braemar Plc (LSE: BMS), a leading provider of expert investment, chartering
and risk management advice to the shipping and energy markets announces that
the board has approved a share buyback programme of up to £2.0 million worth
of Ordinary Shares of 10 pence each in the capital of the Company ("Ordinary
Shares") (the "Buyback Programme").

The Buyback Programme has been launched in accordance with the Group's updated
capital allocation framework, announced separately today, resulting in a
maintained total shareholder return. This reflects the board's confidence in
the Group's cash generation capabilities, strong balance sheet and long-term
prospects, as well as providing the opportunity to take advantage of
prevailing market conditions to repurchase shares at favourable levels. The
Buyback Programme will be financed from existing cash resources.

 

The Company has instructed its broker, Canaccord Genuity Limited
("Canaccord"), to conduct the Buyback Programme on its behalf on a
broker-managed basis, with trading decisions taken independently of the
Company. The Buyback Programme commences today, 29 May 2025, and ends no later
than 30 September 2025 (subject to the renewal of the requisite authority at
the Company's Annual General Meeting ("AGM"), or earlier, if the maximum
number of Ordinary Shares has been reached.

 

The Buyback Programme is in accordance with the terms of the Company's
authority to make market purchases of its own Ordinary Shares granted to it by
shareholders at the Company's 2024 AGM held on 3 July 2024 (the "2024
Authority"), including that the maximum price paid per Ordinary Share is an
amount equal to the higher of (i) 105 per cent of the average of the middle
market quotations for a Share as derived from the London Stock Exchange Daily
Official List for the five business days immediately preceding the day on
which the Company agrees to buy the shares concerned; and (ii) the higher of
the price of the last independent trade of any Share and the highest current
independent bid for a Share in the trading venue where the purchase is carried
out. Furthermore, in accordance with the 2024 Authority, the minimum price
which may be paid for each Ordinary Share is 10 pence. The maximum number of
Ordinary Shares which the Company is authorised to purchase under the 2024
Authority is 3,292,488 Ordinary Shares.

 

The sole purpose of the Buyback Programme is to reduce the share capital of
the Company. As such, all Ordinary Shares purchased under the Buyback
Programme will be immediately cancelled, providing a positive enhancement to
the Company's earnings per share.

 

The Buyback Programme will be conducted within the parameters of the Market
Abuse Regulation 596/2014/EU and the Commission Delegated Regulation
2016/1052/EU (each as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018, including where relevant pursuant to the Market Abuse
(Amendment)(EU Exit) Regulations 2019) and Chapter 12 of the Listing Rules.
The Company confirms that it currently has no other unpublished price
sensitive information.

 

The Company intends to announce any purchase of Ordinary Shares under the
Buyback Programme on the business day following the calendar day on which the
purchase occurred.

 

As at the date of this announcement, the Company's total issued share capital
consisted of 32,924,877 Ordinary Shares, with one voting right per share. The
Company holds no Ordinary Shares as treasury shares, therefore the total
number of voting rights in the Company was 32,924,877.

 

This disclosure is made pursuant to paragraph 9.6.4(R) of the Listing Rules.

Enquiries:

 Braemar Plc                                 Tel: +44 (0)20 3142 4100
 James Gundy, Group Chief Executive Officer
 Grant Foley, Group Chief Financial Officer
 Rebecca-Joy Wekwete, Company Secretary

 Houston                                     Tel: +44 (0)20 4529 0549
 Kate Hoare / Charlie Barker / Ben Robinson

 Canaccord Genuity                           Tel: +44 (0) 20 7523 8000
 Adam James / Harry Rees

 

About Braemar Plc

Braemar provides expert advice in shipping investment, chartering, and risk
management to enable its clients to secure sustainable returns and mitigate
risk in the volatile world of shipping. Our experienced brokers work in tandem
with specialist professionals to form teams tailored to our customers' needs,
and provide an integrated service supported by a collaborative culture.

Braemar joined the Official List of the London Stock Exchange in November 1997
and trades under the symbol BMS.

For more information, including our investor presentation,
visit www.braemar.com (http://www.braemar.com/)  and follow Braemar
on LinkedIn (https://www.linkedin.com/company/braemar-ltd) .

 

 

 

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