REG - GlobalData PLC - Proposed move to the Main Market

GlobalDataAnnouncement

06/02/2025 07:00

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RNS Number : 0898W  GlobalData PLC  06 February 2025

6 February 2025

 

FOR IMMEDIATE
RELEASE

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK
LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR").

 

 GlobalData Plc

 

Proposed move to the Main Market

Launch of Share Buyback Programme

Update on Chairman

 

 

GlobalData Plc (AIM: DATA, GlobalData, the Group), a leading data, analytics,
and insights platform, is providing the following update ahead of the
announcement of its FY24 results on 10 March 2025.

 

Proposed move from AIM to Main Market

 

GlobalData announces its intention to apply for its ordinary shares to be
admitted to the Equity Shares (commercial company) listing segment of the
Official List and to trading on the main market for listed securities (the
"Main Market") of the London Stock Exchange plc ("Admission"). The Board
believes that Admission will further enhance the Company's corporate profile
and recognition, as well as extending the opportunity to own the Company's
ordinary shares to a broader group of UK and global institutional
shareholders. An update on the timing and process to seek Admission will be
provided in due course.

 

Launch of Share Buyback Programme

 

GlobalData also announces that the Board has approved an additional return of
capital of £50 million to shareholders to be implemented through a share
buyback programme of GlobalData's ordinary shares (the 'Share Buyback
Programme'). This follows the two share buyback programmes which completed on
5 September 2024 and 13 January 2025 respectively and which returned an
aggregate amount of £30 million to shareholders.

 

GlobalData has entered into non-discretionary arrangements with Investec Bank
plc ('Investec') to conduct the Share Buyback Programme on its behalf from 6
February 2025.  Under these arrangements, Investec will make trading
decisions in relation to the buyback of the Group's ordinary shares
independently of the Group within the programme terms and pre-set parameters.

 

The purpose of the Share Buyback Programme is to return surplus capital to
shareholders and reduce the Group's share capital pursuant to its capital
allocation policy. As such, all ordinary shares repurchased by the Group under
the Share Buyback Programme will be cancelled.

 

Shares purchased under the Share Buyback Programme will take place in open
market transactions and may be made from time to time depending on market
conditions, share price and trading volumes.  The Share Buyback Programme
will run from the date of this announcement until the earlier of (i) the date
when the full £50 million has been returned to shareholders and (ii) 31
August 2025. The Share Buyback Programme will be effected under the authority
granted by shareholders at the Group's 2024 Annual General Meeting to purchase
a maximum of 84,502,770 Ordinary Shares.  To the extent that the Share
Buyback Programme has not been completed by the date of the Group's 2025
Annual General Meeting, expected to take place on 29 April 2025, it will
continue under the authority expected to be granted at that meeting and, if
such authority is not granted, the Share Buyback Programme will terminate on
the date of that meeting.

 

The Share Buyback Programme will be conducted within the parameters prescribed
by the Market Abuse Regulation 596/2014 and the Commission Delegated
Regulation (EU) 2016/1052 (as in force in the UK, from time to time,
including, where relevant, pursuant to the UK's European Union (Withdrawal)
Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019).
However, due to the limited liquidity in the issued ordinary shares, in order
to proceed with the Share Buyback Programme in an effective manner, the Group
may exceed 25% (but remain below 50%) of the average daily trading volume,
being the limit laid down in Article 5(1) of UK MAR and, accordingly, the
Company may not benefit from the exemption contained in that Article.

 

The maximum price paid per Ordinary Share will be no more than the higher of
(i) an amount equal to 105 per cent. of the average middle market quotations
for an Ordinary Share, as derived from the London Stock Exchange Daily
Official List, for the five business days immediately preceding the day on
which the Ordinary Share is purchased; and (ii) an amount equal to the higher
of the price of the last independent trade and the highest current independent
purchase bid for Ordinary Shares on the trading venue where the purchase is
carried out.  The minimum price that may be paid is £0.0001 per share.

 

The Company will make further regulatory announcements in respect of
repurchases of Ordinary Shares as required by UK MAR and the AIM Rules.

 

Update on Chairman

 

On 24 February 2025, the Group's Chairman, Murray Legg, will have been a
director for nine years. The UK Corporate Governance Code (the "Code")
recommends that the chair of a board should not remain in post beyond nine
years from the date of their first appointment to the board. However, the Code
permits this period to be extended for a limited time, particularly in those
cases where the chair was an existing non-executive director on appointment,
as is the case with Mr Legg, who became Non-Executive Chairman in April 2021.

 

The Board believes that in order to facilitate orderly succession planning for
the wider Board, it is appropriate to extend Mr Legg's term as Chair. As the
Group continues to execute on its Growth Transformation Plan, focusing on key
organic growth levers as well as investing in M&A, the Board believes that
Mr Legg's many years of experience as a chartered accountant and senior
business manager will be invaluable.  The Board therefore proposes that Mr
Legg remain as Chairman for a period of up to a further three years. In
accordance with the provisions of the Code, Mr Legg and all other directors
will be subject to annual re-election at GlobalData's annual general meeting
in April 2025 and in subsequent years.

 

Mike Danson, Chief Executive Officer of GlobalData Plc, commented: "Our
listing on AIM has been an important part of our growth journey to date. In
FY25, as we look to accelerate initiatives as part of our Growth
Transformation Plan 2024-2026, it's the right time to announce our intention
to move to the main market listing in London. We have clear ambitions to drive
GlobalData forward and believe this move will enable us to access a wider pool
of capital to support our growth ambitions and attract additional investors
and customers."

 

For the purposes of UK MAR, the person responsible for arranging for the
release of this information on behalf of GlobalData is Bob Hooper.

 

 

-ENDS-

 

 

ENQUIRIES

 

 GlobalData Plc
 Mike Danson, Chief Executive Officer        0207 936 6400
 Graham Lilley, Chief Financial Officer

 J.P. Morgan Cazenove (Nomad, Joint Broker)  0203 493 8000
 Bill Hutchings
 Mose Adigun

 Panmure Gordon (Joint Broker)               0207 886 2500
 Rupert Dearden
 Dougie McLeod

 Investec Bank plc (Joint Broker)            0207 597 5970

 Henry Reast

 Virginia Bull

 FTI Consulting (Financial PR)               0203 727 1000
 Edward Bridges                              globaldata@fticonsulting.com
 Dwight Burden
 Emma Hall

 

 

 

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