REG - Develop North PLC - Commencement of New Share Buyback Programme

Develop NorthAnnouncement

04/04/2024 09:45

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RNS Number : 3292J  Develop North PLC  04 April 2024

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For release on 4 April 2024

 

DEVELOP NORTH PLC

(the "Company")

 

Commencement of New Share Buyback Programme

 

The Board of Develop North PLC today announces the commencement of a new share
buyback programme (the "Programme"). Under the Programme the Company will
repurchase Ordinary Shares (the "Shares") for up to a maximum consideration of
£500k. All Shares purchased under this programme will be held in treasury.

Subject to the renewal of the share buyback authority at the forthcoming
Annual General Meeting the Programme will end on 30 June 2024.  The Programme
is subject to customary early termination rights.

The Programme will at all times be conducted in accordance with (and within
the parameters prescribed by) the Company's general authority to repurchase
Shares (which authorised the repurchase of a maximum of 4,035,917 Shares,
being approximately 14.99% of the Company's issued share capital) as approved
by shareholders at the Company's AGM on 27 April 2023.

Due to the limited liquidity in the Shares, a buyback of Shares pursuant to
the above authority on any given trading day may represent all or a
significant proportion of the daily trading volume in the shares and may
exceed 25% of the average daily trading volume specified in the provisions of
the UK version of the Market Abuse Regulation (596/2014/EU) dealing with
buyback programmes and, accordingly, the Company will not benefit from the
exemption contained in Article 5(1) of that Regulation (EU).

 

 

For further information regarding Develop North PLC
(LEI: 213800EXPWANYN3NEV68) please contact:

 

 Develop North PLC                                                          +44 (0) 191 222 0099

 Ian McElroy
 Tier One Capital Ltd (Investment Adviser)                                  +44 (0) 191 222 0099

 Brendan O'Grady
 Apex Fund Administration Services (UK) Limited (Secretary)                 +44 (0) 1245 398950

 Nicola Board
 Cavendish Capital Markets Limited (Sponsor, Broker and Financial Adviser)  +44 (0) 207 220 0500

 James King / Andrew Worne

 

Develop North PLC is a closed-end investment company listed on the main market
of the London Stock Exchange and specialises in providing finance to the
residential and commercial property sector.

 The Company's investment adviser is Newcastle upon Tyne based Tier One
Capital Ltd.   Tier One Capital is a wealth management and property lending
firm providing financial advice services and bespoke tailored lending to the
property development market.

 

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