REG - Future PLC - Share buyback programme

FutureAnnouncement

10/07/2023 07:00

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RNS Number : 4170F  Future PLC  10 July 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

For immediate release

 

10 July 2023

 

Future plc

 

("Future" or the "Company")

 

 

Proposed Return of Cash via a Share Buyback Programme and Notice of General
Meeting

 

 

Future plc [LSE: FUTR) the global platform for intent-led specialist media,
announces that it is proposing to return up to £45 million of cash to its
shareholders, through the means of an on-market share buyback programme (the
Share Buyback Programme).  A notice convening a general meeting (the General
Meeting) at which shareholders will be asked to approve a resolution
authorising the Company to buy back up to 10 per cent. of its existing
ordinary share capital through on-market purchases (the Share Buyback
Authority) is expected to be posted to shareholders shortly.

 

The Group's capital allocation, which is discussed by the Board on a regular
basis, has historically prioritised organic and inorganic investment before
debt repayment and returning excess cash to shareholders, whilst maintaining a
prudent approach to leverage.

 

The Company has a strong balance sheet, with leverage of 1.41x net debt to
EBITDA(( 1 )), and a robust pipeline of attractive inorganic investment
opportunities.  However, the Board believes that the Share Buyback Programme
will provide greater flexibility to achieve an optimal use of cash to deliver
value for shareholders, whilst still maintaining a strong balance sheet. Once
the Share Buyback Programme commences, the Board will keep it under review and
continue to assess it against its capital allocation priorities.

 

The Company will convene the General Meeting to approve the Share Buyback
Authority, under which the Company intends to implement the Share Buyback
Programme.  The Company intends to renew the same general 10 per cent.
buyback authority as a standing matter at future annual general meetings.

 

It is expected that, subject to the resolution approving the Share Buyback
Authority being passed at the General Meeting, the Share Buyback Programme
would commence thereafter.

 

This announcement contains inside information for the purposes of the Market
Abuse Regulation (Regulation (EU) No 596/2014), as it forms part of retained
EU law in the United Kingdom by virtue of the European Union (Withdrawal) Act
2018.

 

The person responsible for releasing this announcement is David Bateson,
General Counsel and Company Secretary.

 

 

Enquiries

 

Future plc

Jon Steinberg, Chief Executive Officer
                    +44 (0)122 544 2244

Penny Ladkin-Brand, Chief Financial Officer

Marion Le Bot, Head of Investor Relations
+44(0)777 564 1509

 

Media

Headland
 
+44 (0) 203 805 4822

Stephen Malthouse, Rob Walker, Charlie Twigg

future@headlandconsultancy.com

 

Legal Entity Identifier (LEI): 213800K2581YRLEXV353

 

 

About Future

Future is a digital-first global platform for intent-led specialist media.
Underpinned by leading technology and enabled by data, we operate c.250 brands
in diversified content verticals, across our B2C and B2B divisions with
multiple market leading positions and three core monetisation frameworks:
advertising, eCommerce affiliate and direct consumer monetisation. We organise
our brands by specialist interest and have four main content verticals with 16
subcategories ranging from Consumer Technology and Home to Wealth and Women's
Lifestyle. Our content is published and distributed through a range of formats
including websites, email newsletters, videos, magazines and live events. The
successful execution of our strategy is focused on three pillars: organic
growth, the platform effect and value-creating M&A.

(( 1 )) Based on audited HY results to 31 March 2023

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