REG - On the Beach Group - Update on Share Buyback Programme

On Beach groupAnnouncement

28/02/2025 07:15

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RNS Number : 7956Y  On the Beach Group PLC  28 February 2025

28 February 2025

 

On the Beach Group plc

("On the Beach" or the "Company")

 

Update on Share Buyback Programme

 

On the Beach Group plc announces that it has carried out a review of the
progress of its share buyback programme (the "Programme") announced on 3
December 2024 to purchase up to £25 million worth of its ordinary shares of
1p each ("Ordinary Shares"). Since the commencement of the Programme, the
Company has purchased 7,135,377 Ordinary Shares at a total consideration of
£17,311,177 (excluding expenses).

Due to the current limited liquidity in the Company's issued ordinary shares,
in order to proceed with the Programme in an effective manner, the Company, in
discussions with its brokers, Peel Hunt LLP and Numis Securities Limited
trading as Deutsche Numis, has agreed that the Programme may on any given
trading day exceed 25% but remain below 50% of the average daily trading
volume and, accordingly, the Company may not benefit from the exemption
contained in Article 5(1) in Regulation (EU) 596/2014, as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018 (as
amended). The Company previously announced on 3 December 2024 that the
Programme would be conducted so as to fall within that exemption.

No other changes have been made to the Programme or the basis on which it will
be conducted (in each case as announced on 3 December 2024).

 

For further information:

 

 On the Beach Group plc                  via FTI Consulting

 Shaun Morton, Chief Executive Officer

 Jon Wormald, Chief Financial Officer

 FTI Consulting                          Tel: +44 (0)20 3727 1000

 Alex Beagley                            onthebeach@fticonsulting.com

 Harriet Jackson

 Hannah Butler

 Lia Bevan

 

About On the Beach:

On the Beach Group plc is one of the UK's largest online package holiday
specialists, with significant opportunities for growth. Its innovative
technology, low-cost base and strong customer-value proposition provides a
structural challenge to legacy tour operators and online travel agents, as it
continues disrupting the online retail of beach holidays. Its model is
customer-centric, asset light, profitable and cash generative.

 

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