REG - Character Group PLC - Update - share buyback programme
RNS Number : 0868ECharacter Group PLC05 July 2021
LONDON: Monday, 5 July 2021
THE CHARACTER GROUP PLC
("Company" or "Group")
Designers, developers and international distributor of toys, games and giftware
Update - share buyback programme
In the Group's interim statement made on 29 April 2021, the Company announced its intention to pursue a new share buyback initiative. By way of an update on this position, the Board confirms that the plans to implement this initiative have been in formulation since that time and it is now anticipated that a tender offer (the "Tender Offer"), seeking to purchase issued ordinary shares of 5 pence each in the Company ("Ordinary Shares"), will be made by the Company in September 2021.
The Company was granted an authority to buyback issued Ordinary Shares at its Annual General Meeting of the Company held on 22 January 2021 (the "Authority"), which incorporates an authority to effect buybacks by means of tender offers. Prior to the date of this announcement, the Company has not effected any share buybacks pursuant to the Authority and currently has a capacity under the Authority to buyback up to 3,200,000 issued Ordinary Shares (constituting approximately 15% of the current, issued, voting share capital of the Company).
The intention to make the Tender Offer demonstrates that the Company remains committed to its previously stated objective to enhance shareholder value. The implementation of the Tender Offer will be consistent with the Group's approach to capital allocation, reflects the Group's strong ongoing cash generation and will provide a mechanism to return excess capital to shareholders.
A further update on the position with the Tender Offer, including details of the pricing and exact timing, will be issued shortly prior to the Tender Offer formally being made.
The Character Group plc
FTSE sector: leisure goods:
FTSE AIM All-share: symbol: CCT.L
Market cap: £147m
Email: info@charactergroup.plc.uk
Group website: www.thecharacter.com
Product ranges can also be viewed at www.character-online.co.uk
Enquiries to:
The Character Group plc
Jon Diver, Joint Managing Director
Kiran Shah, Joint Managing Director & Group Finance Director
Office: +44 (0) 208 329 3377
Mobile: +44 (0) 7831 802219 (JD)
Mobile: +44 (0) 7956 278522 (KS)
Panmure Gordon (Nominated Adviser and Joint Broker)
Atholl Tweedie, Investment Banking
Charles Leigh-Pemberton, Corporate Broking
Rupert Dearden, Corporate Broking
Tel: +44 (0) 20 7886 2500
Allenby Capital Limited (Joint Broker)
Nick Athanas, Corporate Finance
Amrit Nahal, Sales & Corporate Broking
Tel: +44 (0) 20 3328 5656
TooleyStreet Communications Limited (Investor and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
Email: fiona@tooleystreet.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDSTRUSSWRAVUBRAR
Recent news on Character
See all newsREG - Character Group PLC - Transaction in Own Shares
AnnouncementREG - Character Group PLC - Transaction in Own Shares
AnnouncementREG - Character Group PLC - Transaction in Own Shares
AnnouncementREG - Character Group PLC - Holding(s) in Company
AnnouncementREG - Character Group PLC - Transaction in Own Shares
Announcement