REG - Georgia Capital PLC - US$ 25m increase to the share buyback programme

Georgia CapitalAnnouncement

11/03/2025 08:00

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RNS Number : 1699A  Georgia Capital PLC  11 March 2025

London, 11 March 2025

 

 

US$ 25 million increase to the existing share buyback and cancellation
programme

Georgia Capital PLC (the "Company" or "Georgia Capital") announces today that
its board of directors (the "Board") has approved the increase to the current
US$ 25 million share buyback and cancellation programme of an additional US$
25 million, which will be put in place immediately. The shares will be
purchased in the open market and the cancellation of the treasury shares will
be executed on a monthly basis. The purpose of the buyback is to reduce the
share capital. Under the buyback programme, the maximum price paid per share
will not exceed the latest reported NAV per share amount.

 

The programme is consistent with the Board's intention, announced on 17 May
2024, to make available at least GEL 300 million for capital returns through
the end of 2026. The US$ 25 million increase to the existing share buyback and
cancellation programme brings the total amount allocated to share buybacks
under the GEL 300 million capital return package to GEL 251 million, of which,
GEL 176 million has already been utilised.

 

In accordance with the authority granted by the shareholders at the 2024
annual general meeting ("AGM"), the maximum number of shares that may be
repurchased is 1,873,253. The programme is conducted within certain pre-set
parameters, and in accordance with the general authority to repurchase shares
granted at the 2024 AGM, Chapter 12 of the FCA Listing Rules, and the
provisions of the Market Abuse Regulation 596/2014/EU and of the Commission
Delegated Regulation (EU) 2016/1052 (as they form part of UK domestic law).

 

The programme will remain in effect until the earlier of the Company's 2025
Annual General Meeting or its expiration on 23 June 2025. In the event that
the former occurs, the Company will seek renewal of the general authority to
repurchase shares at the AGM and in following renewal of the repurchase
authorization, share buybacks will be carried out pursuant to the
authorization granted at the 2025 AGM until the end of the programme on 23
June 2025.

 

The Company has appointed Numis Securities Limited ("Deutsche Numis") to
manage an irrevocable, non‐discretionary share buyback programme until the
end of the programme. During closed periods the Company and its directors have
no power to invoke any changes to the programme and it is being executed at
the sole discretion of Deutsche Numis.

 

The Company will make further announcements in due course following the
completion of any share repurchases.

 

 

 

 

 

Name of authorised official of issuer responsible for making notification:
Shalva Bukia, Head of Investor Relations and Funding

About Georgia Capital PLC

Georgia Capital (LEI: 213800Q65T5GNBOW7H65) is a platform for buying, building
and developing businesses in Georgia with holdings in sectors that are
expected to benefit from the continued growth and further diversification of
the Georgian economy. The Company's focus is typically on larger-scale
investment opportunities in Georgia, which have the potential to reach at
least GEL 300 million equity value over 3-5 years from the initial investment
and to monetise them through exits, as investments mature. Georgia Capital
currently has the following portfolio businesses: (i) a retail (pharmacy)
business, (ii) an insurance business (P&C and medical insurance), (iii) a
hospitals business, (iv) a renewable energy business (hydro and wind assets),
(v) an education business and (vi) a clinics and diagnostics business; Georgia
Capital also holds other small private businesses across different industries
in Georgia; a 20% equity stake in the water utility business and a 19.2%
equity stake (as at 31-Dec-24) in LSE listed Lion Finance Group PLC ("Lion
Finance Group" or the "Bank"), formerly known as "Bank of Georgia Group PLC",
the holding company of leading universal banks in Georgia and Armenia.

 JSC Georgia Capital has, as of the date hereof, the following credit rating:

 S&P Global      'BB-'/FC & 'BB-'/LC

 For further information, please visit www.georgiacapital.ge
(http://www.georgiacapital.ge) or contact:

 

 Irakli Gilauri                  Giorgi Alpaidze                 Michael Oliver                     Shalva Bukia
 Chairman and Chief Executive    Chief Financial Officer         Adviser to the Chairman & CEO      Head of Investor Relations
 ir@gcap.ge (mailto:ir@gcap.ge)  +995 322 005 000                +44 203 178 4034                   + 995 322 005 045
                                 ir@gcap.ge (mailto:ir@gcap.ge)  ir@gcap.ge (mailto:ir@gcap.ge)     ir@gcap.ge (mailto:ir@gcap.ge)

This news report is presented for general informational purposes only and
should not be construed as an offer to sell or the solicitation of an offer to
buy any securities.

 

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