REG - Develop North PLC - Extension of Share Buyback Programme

Develop NorthAnnouncement

07/12/2023 07:00

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RNS Number : 9403V  Develop North PLC  07 December 2023

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For release on 7 December 2023

 

DEVELOP NORTH PLC

(the "Company")

 

Extension of Share Buyback Programme

 

The Board of Develop North PLC today announces the extension of the share
buyback programme (the 'programme') announced on 13 and 20 November 2023.
Under the extension of the programme the Company will repurchase further
Ordinary Shares (the 'shares') for up to a maximum consideration of £500k.
All shares purchased under this programme will be held in treasury.

The programme 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 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 could
exceed 25% of the average daily trading volume and, accordingly, the Company
will not benefit from the exemption contained in Article 5(1) of Regulation
(EU) No. 596/2014 as adopted into UK law by the European Union (Withdrawal)
Act 2018.

 

 

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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