REG - Foxtons Group PLC - Up to £3 million Share Buyback Programme

FoxtonsAnnouncement

02/11/2022 07:17

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RNS Number : 9966E  Foxtons Group PLC  02 November 2022

FOXTONS GROUP PLC (the "Company" or "Foxtons")

UP TO £3 MILLION SHARE BUYBACK PROGRAMME

Wednesday 2 November 2022

Foxtons Group plc (LSE: FOXT) announces the commencement of up to £3m share
buyback in line with the Company's policy of returning excess cash to
shareholders. The proposed share buyback will be funded from accumulated cash
resources. After considering the strength of the Group's balance sheet,
forecast liquidity, timing of further lettings portfolio acquisitions and the
prevailing share price, the Board has decided to accelerate the return of
excess capital to shareholders through the buyback announced today. Year to
date, £3m of shares have been bought back and £8.7m of cash invested in
lettings portfolio acquisitions.

The Company has appointed its broker Numis Securities Limited ("Numis") to
manage the share buyback programme to repurchase Ordinary Shares on its
behalf, up to a maximum aggregate consideration of £3m and subject to certain
other set parameters.

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 15 June 2022. 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. Under the buyback, the purchased shares will be held
in treasury.

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
 Chris Hough, Chief Financial Officer  +44 20 7893 6261

 Muhammad Patel, Investor Relations

 TB Cardew                             Foxtons@tbcardew.com
 Ed Orlebar / Tom Allison              +44 7738 724 630/ +44 7789 998 020

 

TB Cardew

 

Foxtons@tbcardew.com

Ed Orlebar / Tom Allison

+44 7738 724 630/ +44 7789 998 020

 

 

 

 

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