REG - Foxtons Group PLC - Foxtons Share Buyback Programme Announcement

FoxtonsAnnouncement

08/04/2025 07:00

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RNS Number : 0114E  Foxtons Group PLC  08 April 2025

FOXTONS GROUP PLC

(the "Company" or "Foxtons")

 

Up to £3 million share buyback programme

Tuesday 8 April 2025

 

Foxtons Group plc (LSE: FOXT) announces the commencement of a share buyback
programme of up to £3 million. The Board continuously reviews shareholder
return opportunities, and specifically the use of share buybacks, considering
factors such as earnings per share accretion, borrowing capacity and leverage.

After considering the Company's prevailing share price, balance sheet
position, forecast liquidity and timing of further lettings portfolio
acquisitions, the Board has decided to return capital to shareholders through
the buyback programme announced today.

The proposed share buyback will be funded using the Group's existing cash
balances and revolving credit facility. Foxtons will continue to pursue
lettings portfolio acquisition opportunities within its capital allocation
framework.

The Company has appointed Singer Capital Markets ("Singer") to manage the
share buyback programme to repurchase Ordinary Shares on its behalf, up to a
maximum aggregate consideration of £3 million and subject to certain other
set parameters. All shares acquired under this buyback programme will be
cancelled.

The buyback programme is in accordance with Foxtons' general authority to
purchase Ordinary Shares granted by its shareholders at the Annual General
Meeting held on 7 May 2024. The share buyback programme will also be effected
within the parameters of the Market Abuse Regulation 596/2014/EU and the
Commission Delegated Regulation 2016/1052/EU (as in force in the UK from time
to time, including where relevant pursuant to the Market Abuse (Amendment)(EU
Exit) Regulations 2019).

Share purchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price and trading
volume. The maximum price paid per Ordinary Share will be no more than the
higher of (i) 105 per cent of the average middle market closing prices of the
Ordinary Shares for the five business days preceding any Ordinary Shares being
purchased and (ii) the higher of the price of the last independent trade and
the highest independent bid for Ordinary Shares on the trading venue where the
purchase is carried out.

Due to the limited liquidity in the issued Ordinary Shares, a buyback of
Ordinary Shares pursuant to the buyback programme on any given trading day may
represent a significant proportion of the daily trading volume in the Ordinary
Shares on the London Stock Exchange and may exceed 25 per cent of the average
daily trading volume and, accordingly, the Company may not benefit from the
exemption contained in Article 5(1) of Regulation (EU) No. 596/2014.

The Company will make further regulatory announcements to shareholders in
respect of purchases of Ordinary Shares by the Company as they occur.

The Company confirms that it currently has no other unpublished price
sensitive information other than the information that has been communicated
within this announcement.

 

 

For further information, please contact:

 Foxtons Group plc                      investor@foxtonsgroup.co.uk (mailto:investor@foxtonsgroup.co.uk)

 Chris Hough, Chief Financial Officer   +44 20 7893 6261

 Muhammad Patel, Investor Relations

 Cardew Group                            Foxtons@cardewgroup.com (mailto:Foxtons@cardewgroup.com)

 Will Baldwin-Charles / Olivia Rosser   +44 7834 524833 / +44 7552 864 250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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