REG-FirstGroup Plc: Launch of £50 million share buyback programme

FirstgroupAnnouncement

14/11/2024 12:30

14 November 2024

 

FirstGroup plc

 

Launch of £50 million share buyback programme

 

Earlier today, FirstGroup plc (“FirstGroup” or the “Group”) announced
an on-market share buyback programme to purchase up to £50m of ordinary
shares of 5p (the “£50m Programme”). 

The £50m Programme will commence tomorrow and it is anticipated that it will
end no later than 13 November 2025, subject to market conditions. 
Notwithstanding the authority granted at its AGM on 26 July 2024, the Group
confirms the £50m Programme will be limited to 92,258,761 shares, being
14.99% of the Group’s current issued share capital.

The Group has entered into a non-discretionary arrangement with Panmure
Liberum Limited (“Panmure Liberum”) and RBC Europe Limited (“RBC”)
which will enable the purchase of ordinary shares for the £50m Programme to
continue through close periods.

The £50m Programme will be undertaken in two tranches of up to £25m, with
RBC undertaking the first tranche and Panmure Liberum undertaking the second
tranche, both acting severally as riskless principal.  The second tranche
will commence following completion of the first tranche. 

The sole purpose of the £50m Programme is to reduce the issued share capital
of the Group and therefore the repurchased shares will initially be held in
Treasury, before being cancelled at a later date.  Treasury shares are not
entitled to dividends and have no voting rights at general meetings.

Any purchase of Ordinary Shares pursuant to the £50m Programme will be
announced no later than 7:30 a.m. on the business day following the day on
which the purchase occurs.

The £50m Programme will be conducted within certain pre-set parameters
including those prescribed by the Market Abuse Regulation 596/2014 (as it
forms part of domestic law by virtue of section 3 of the European Union
(Withdrawal) Act 2018 (as amended)) and Chapter 9 of the Listing Rules.

 

 Contacts at FirstGroup:                                                                                            
  David Blizzard, Company Secretary Marianna Bowes, Head of Investor Relations                                      
  Tel: +44 (0) 20 7725 3354                                                                                         
 Contacts at Liberum Capital Limited:                                             Contacts at RBC Europe Limited:   
  Nicholas How / John Fishley                                                      James Agnew / Jack Wood          
  Tel: +44 (0) 20 3100 2000                                                        Tel: +44 (0) 20 7653 4000        

Forward-looking statements

Certain statements included or incorporated by reference within this
announcement may constitute 'forward-looking statements' with respect to the
business, strategy and plans of the Group and our current goals, assumptions
and expectations relating to our future financial condition, performance and
results. By their nature, forward-looking statements involve known and unknown
risks, assumptions, uncertainties and other factors that cause actual results,
performance or achievements of the Group to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. No statement in this announcement should be
construed as a profit forecast for any period. Shareholders are cautioned not
to place undue reliance on the forward-looking statements. Except as required
by the UK Listing Rules and applicable law, the Group does not undertake any
obligation to update or change any forward-looking statements to reflect
events occurring after the date of this announcement.

Notes
                                                                                                                                                   

Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as per DTR
6 Annex 1R: 2.4.

 



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