Share Buyback
14/06/2022 07:01
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220614:nRSN7142Oa&default-theme=true
RNS Number : 7142O Driver Group plc 14 June 2022
14 June 2022
Driver Group plc
("Driver Group" or the "Company")
Share Buyback
Driver Group plc (AIM: DRV), the leading global professional services
consultancy to the construction and engineering industries providing
multi-disciplinary consultancy services including expert witness, claims and
dispute resolution services, is pleased to announce that it intends to conduct
on-market purchases under a share buyback programme to repurchase £0.5
million of the Company's ordinary shares of 0.4 pence each ("Ordinary Shares")
pursuant to the authority obtained at the Company's last annual general
meeting (the "Buyback").
The purpose of the Buyback is to return cash to shareholders and to reduce the
share capital of the Company. The Buyback will be funded from the Company's
existing surplus cash resources and all Ordinary Shares purchased will be held
in treasury. The Company intends to operate the Buyback from the date of
this announcement until the earlier of the 2023 Annual General Meeting or
close of business on the date which is 15 months from the 2022 Annual General
Meeting.
The Company has appointed Singer Capital Markets Securities Limited ("Singer
Capital Markets") to execute and manage the Buyback and has given an
irrevocable instruction to Singer Capital Markets to make market purchases of
Ordinary Shares on its behalf, independently to the Company. Singer Capital
Markets will make its trading decisions in relation to the Ordinary Shares
independently of the Company.
The maximum price which may be paid by the Company per Ordinary Share shall
not be more than the higher of:
a. 105 per cent of the average of the middle market quotations for an
Ordinary Share as derived from the Daily Official List of the London Stock
Exchange plc for the five business days immediately preceding the day on which
the purchase is made; and
b. the value of an Ordinary Share calculated on the basis of the higher
of the price quoted for (i) the last independent trade of and (ii) the highest
current independent bid for the Ordinary Shares.
c. The maximum amount (excluding expenses) of share value that can be
traded in one week is £125,000.
The Company has determined that it will not rely on the safe harbour
conditions for trading set out in Article 5 of EU Market Abuse Regulation
(2014/596/EU) (which forms part of domestic UK law pursuant to the European
Union (Withdrawal) Act 2018) ("UK MAR") given the limited liquidity in the
Ordinary Shares and limitations that it would impose on the number of Ordinary
Shares that can be purchased and, as such, the Company may purchase on any
trading day materially in excess of 25 per cent. of the average daily volume
in the 20 trading days preceding the date on which the purchase is carried
out.
There is no guarantee that the Buyback programme will be implemented in full
or that any purchases will be made.
As at the time of this announcement, the Company's total issued share capital
consists of 53,962,868, of which 639,654 shares are held in treasury,
therefore, the total number of Ordinary shares carrying voting rights is
53,323,214.
The above figure of 53,323,214 may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of UK MAR.
ENDS
Enquiries:
Driver Group plc 020 7377 0005
Mark Wheeler (CEO)
Singer Capital Markets (Nomad & Broker) 020 7496 3000
Sandy Fraser, Will Goode
Acuitas Communications 020 3848 2810 / 07736 220 565
Simon Nayyar simon.nayyar@acuitascomms.com
Edward Lee edward.lee@acuitascomms.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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END POSEAKKDFLEAEFA