REG - Develop North PLC - Commencement of Share Buyback Programme

Develop NorthAnnouncement

13/11/2023 07:00

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RNS Number : 1563T  Develop North PLC  13 November 2023

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For release on 13 November 2023

 

DEVELOP NORTH PLC

(the "Company")

 

Commencement of Share Buyback Programme

 

 

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

 

The Company has entered into a non-discretionary agreement with Cavendish
Capital Markets Limited, acting as principal to conduct the programme and to
repurchase shares on the Company's behalf and to make trading decisions under
the programme independently of the Company in accordance with agreed
parameters.

 

The programme will commence today, 13 November 2023, and will end on 31
December 2023.  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):

1.   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; and

2.   The Market Abuse Regulation (EU) No 596/2014 and the Commission
Delegated Regulation (EU) No 2016/1052 (including as each of them forms part
of retained EU law in the United Kingdom ('UK') from time to time, including,
where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and
Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as the applicable
laws and regulations of the UK Financial Conduct Authority.

 

 

 

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

 William Marle

 

Develop North PLC 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
Limited.   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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