REG - Logistics Dev Grp - Commencement of Share Buyback Programme

Logistics DevelopmentAnnouncement

25/02/2022 07:00

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RNS Number : 7559C  Logistics Development Group PLC  25 February 2022

25 February 2022

 

Logistics Development Group plc

 

("LDG" or the "Company")

 

Commencement of Share Buyback Programme

 

LDG today announces the commencement of a share buyback programme to purchase
[up to 140,441,180] ordinary shares of £0.01 each in the Company ("Ordinary
Shares") (the "Share Buyback"). The Share Buyback will end no later than 7
July 2023 and the Ordinary Shares purchased under the Share Buyback will be
cancelled.

 

The Company has entered into an irrevocable, non-discretionary agreement with
Investec Bank plc ("Investec") to conduct the Share Buyback on its behalf and
carry out on-market purchases of Ordinary Shares, acting as riskless
principal, and to on-sell such Ordinary Shares to the Company.

 

Investec will make trading decisions in relation to the Share Buyback
independently of the Company. Any purchases of Ordinary Shares under the Share
Buyback will be carried out on the London Stock Exchange in accordance with
certain pre-set parameters set out in the agreement between the Company and
Investec and in accordance with the Company's general authority to repurchase
Ordinary Shares granted by its shareholders at the general meeting on 31
January 2022 (the "Buyback Authority"), the London Stock Exchange's AIM Rules
for Companies, Article 5(1) of the Market Abuse Regulation (EU) No 596/2014
(as it forms part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018), and the Commission Delegated Regulation (EU) No
2016/1052 (as it forms part of Retained EU Law as defined in the European
Union (Withdrawal) Act 2018). For the avoidance of doubt, any purchases of
Ordinary Shares made during closed periods pursuant to the Share Buyback shall
be made independently of and uninfluenced by the Company.

 

The maximum number of Ordinary Shares that may be repurchased under the Share
Buyback is 140,441,180, being the number of Ordinary Shares the Company is
authorised to repurchase under the Buyback Authority.

 

The Company will make further announcements in due course following the
completion of any repurchases. There is no guarantee that the Share Buyback
will be implemented in full or that any Ordinary Shares will be repurchased by
the Company.

 

At the time of this announcement, the Company's issued share capital consists
of 702,205,900 Ordinary Shares, carrying one vote per share, of which nil are
held by the Company in treasury.

 

For enquiries:

 

 Logistics Development Group plc     Via FTI Consulting
 FTI Consulting                      +44 (0) 20 3727 1340

 Nick Hasell

 Alex Le May

 Cally Billimore

 Strand Hanson Limited               +44 (0) 20 7409 3494

 (Financial and Nominated Adviser)

 James Spinney

 James Dance

 Abigail Wennington

 Investec Bank plc                   +44 (0) 20 7597 5970

 (Broker)

 Gary Clarence

 Harry Hargreaves

 

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