REG-Funding Circle Plc Funding Circle Plc: Share Repurchase Programme

Funding Circle HoldingsAnnouncement

07/03/2024 07:15

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   Funding Circle Plc (FCH)
   Funding Circle Plc: Share Repurchase Programme

   07-March-2024 / 07:05 GMT/BST

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                          Funding Circle Holdings plc

                                        

                           Share Repurchase Programme

                      Embargoed until 7.05am, 7 March 2024

    

   Funding Circle Holdings plc  (“Funding Circle”) announces a  discretionary
   programme to purchase ordinary shares of £0.001 each in its share  capital
   (the “Ordinary Shares”) up to a maximum consideration of £25 million  (the
   “Programme”). The Board  of Directors considers  that the current  trading
   price of Ordinary Shares materially undervalues Funding Circle’s  business
   and a share repurchase will improve balance sheet efficiency by  returning
   excess capital to  shareholders. It  is expected  that, unless  terminated
   earlier, the  Programme  will end  on  the date  on  which the  total  GBP
   purchase price of all Ordinary Shares purchased by Funding Circle pursuant
   to the Programme is equal to, or as close as possible to, £25 million.  It
   is intended  that any  purchased Ordinary  Shares will  be cancelled.  The
   Company has  appointed its  broker,  Numis Securities  Limited  (“Deutsche
   Numis”), to  manage the  share buyback  programme to  repurchase  Ordinary
   Shares on its behalf.

   Any purchases of  Ordinary Shares  by Funding  Circle in  relation to  the
   Programme will be carried out on  the London Stock Exchange in  compliance
   with the relevant conditions for trading, restrictions regarding time  and
   volume, disclosure and  reporting obligations, and  price conditions.  The
   Programme will be carried out in accordance with the parameters prescribed
   by the  Market Abuse  Regulation 596/2014  (as  it forms  part of  UK  law
   pursuant to the European  Union (Withdrawal) Act 2018)  and Chapter 12  of
   the Financial Conduct  Authority’s Listing Rules  using the average  daily
   volume of  Ordinary  Shares  traded  in February  2024,  being  the  month
   preceding  the  month  of  this   announcement.  However,  there  may   be
   circumstances where Funding Circle  conducts purchases up  to 50% of  this
   average daily volume.

   Subject to available  distributable reserves,  an initial  tranche of  the
   Programme will be conducted by Funding Circle in accordance with and under
   the terms of the  general authority granted to  the Board of Directors  of
   Funding Circle by its shareholders at  its Annual General Meeting held  on
   11 May 2023 (the “2023  AGM”), which authority will  expire at the end  of
   the next Annual General Meeting of  Funding Circle in May 2024 (the  “2024
   AGM”). Pursuant to the 2023 AGM authority, the maximum number of  Ordinary
   Shares  that  can  be  bought  back  by  Funding  Circle  is   36,130,314,
   representing 10% of Ordinary  Shares in issue  at today’s date.  Following
   the expiry of  the 2023 AGM  repurchase authority, or  to the extent  that
   Funding Circle meets the  limit of that authority  prior to the 2024  AGM,
   Funding Circle will seek further repurchase  authority at the 2024 AGM  or
   an earlier General Meeting.

    

    

   Contacts:

   Funding Circle Investor Relations

   Tony Nicol

   ir@fundingcircle.com

   Joint corporate brokers

   Deutsche Numis: Stephen Westgate / Jamie Loughborough (+44 20 7260 1000)

   Investec: Bruce Garrow / Kamalini Hull (+44 20 7597 4000)

    

   Headland Consultancy

   Mike Smith / Stephen Malthouse (+44 20 3805 4822)

    

   About Funding Circle:

   Funding Circle (LSE: FCH)  is the UK’s leading  SME lending platform.  Its
   mission is to build the place where small businesses get the funding  they
   need to win. 

    

   Funding Circle enables small  businesses to access  funding – offering  an
   unrivalled customer experience powered by data and technology.

    

   For  institutional  investors,  Funding  Circle  provides  access  to   an
   alternative  asset  class  in  an  underserved  market,  with  robust  and
   attractive returns.

    

   Globally, Funding  Circle  has  extended  more than  £16bn  in  credit  to
   c.150,000 businesses.

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BG0TPX62
   Category Code:  MSCM
   TIDM:           FCH
   LEI Code:       2138003EK6UAINBBUS19
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   308122
   EQS News ID:    1853169


    
   End of Announcement EQS News Service

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