City Pub Group (The) - Launch of Share Buyback Programme
05/10/2022 07:00
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RNS Number : 7817B City Pub Group PLC (The) 05 October 2022
5 October 2022
The City Pub Group plc
(the "Company")
LAUNCH OF SHARE BUYBACK PROGRAMME
The City Pub Group plc (AIM: CPC), the owner and operator of 40 premium pubs
across Southern England and Wales and a further two development sites, today
announces that it intends to commence a share buyback programme in respect of
its ordinary shares of 1p each ("Ordinary Shares") up to an initial maximum
value of £2 million worth of Ordinary Shares from the date of this
announcement (the "Share Buyback Programme") with the option to extend the
Share Buyback Programme by an additional £1 million, as referenced in the
Company's interim results announcement on 21 September 2022. The purchased
Ordinary Shares will be held in treasury.
Details of the Share Buyback Programme
The Company has given an irrevocable and non-discretionary instruction to Peel
Hunt LLP and Liberum Capital Limited, acting as 'riskless' or 'matched'
principal, in relation to the Share Buyback Programme, which will commence
today and will end no later than 20 September 2023.
Any purchases of Ordinary Shares contemplated by this announcement will be
effected within certain pre-set parameters. These arrangements are in
accordance with the authorities granted by the Company's shareholders at its
annual general meeting held on 8 June 2022 in respect of market repurchases of
Ordinary Shares.
Due to the limited liquidity in the Ordinary Shares, the Share Buyback
Programme may on any given trading day exceed 25 per cent of the average daily
trading volume and, accordingly, the Company may not benefit from the
exemption contained in Article 5(1) in the UK version of the Market Abuse
Regulations (Regulation (EU) No 596/2014) as incorporated into UK domestic law
by virtue of the European Union (Withdrawal) Act 2018.
Any market repurchase of Ordinary Shares will be announced no later than 7:30
a.m. on the business day following the calendar day on which the repurchase
occurred. All Ordinary Shares repurchased will be held in treasury.
For further information:
The City Pub Group plc via Instinctif Partners
Clive Watson, Executive Chairman
Holly Elliott, CFO
Instinctif Partners Tel: +44 (0)20 7457 2020
Matthew Smallwood
Liberum Capital Limited (Nomad & Broker) Tel: +44 (0) 20 3100 2000
Chris Clarke
Edward Thomas
Kane Collings
Peel Hunt LLP (Joint Broker) Tel: +44 (0)20 7418 8900
George Sellar
Andrew Clark
Lalit Bose
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