REG - Pennon Group PLC - Share Repurchase Programme

PennonAnnouncement

01/06/2022 07:00

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RNS Number : 4759N  Pennon Group PLC  01 June 2022

 

1 June 2022

 

Pennon Group plc

Share Repurchase Programme

 

The first four phases of Pennon's previously announced on-market share
buy-back programme of up to c. £400 million (the "Programme") have deployed
c.£200 million in total over the period from 23 July 2021 to 1 March 2022.

 

Pennon is announcing today that it is initiating the fifth phase of the
Programme and has entered into a non-discretionary agreement with Morgan
Stanley & Co. International plc ("Morgan Stanley") to enable Morgan
Stanley, acting as principal, to purchase ordinary shares
of 61.05 pence each in the share capital of Pennon for an aggregate
purchase price of no greater than £40 million and the simultaneous on-sale of
such shares by Morgan Stanley to Pennon. This agreement commences on 1 June
2022 and share purchase activity pursuant to the agreement is expected to end
no later than 22 July 2022. Morgan Stanley will make trading decisions in
relation to Pennon shares purchased under the Programme independently of, and
uninfluenced by, Pennon. All shares repurchased will be cancelled.

 

Full deployment of the Programme is subject to Pennon's continued review of
value creating opportunities in the UK water sector.

 

Any purchase of Pennon shares done in relation to this announcement will be
carried out on the London Stock Exchange and Multilateral Trading Facilities,
as defined by the Directive 2014/65/EU on markets in financial instruments
(including the delegated and implementing acts adopted under it) as
implemented, retained, amended, extended, re-enacted or otherwise given effect
in the United Kingdom from 1 January 2021 and as amended or supplemented in
the United Kingdom thereafter, and executed within the price and volume
conditions set out in the Listing Rules, the provisions of Article 5(1) of
Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the
European Union (Withdrawal) Act 2018), the Commission Delegated Regulation
(EU) 2016/1052 (as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018) dealing with buyback programmes and the Company's
general authority to make market purchases of Pennon shares granted at its AGM
on 22 July 2021.

 

The Company will announce any market repurchase of shares no later than 7.30
a.m. on the business day following the calendar day on which the repurchase
occurred.

 

This announcement does not constitute, or form part of, an offer or any
solicitation of an offer for securities in any jurisdiction.

 

BACKGROUND

 

As detailed in Pennon's Trading Statement on 28 September 2021, and in line
with the package of shareholder returns announced by Pennon in June 2021, and
approved by shareholders at the 2021 Annual General Meeting, authority was
granted for the proposed on-market share buy-back programme (the "Programme")
in respect of its ordinary shares of 61.05 pence each, of up to c. £400
million.

 

The purpose of the Programme is to reduce share capital, and completion of the
Programme is subject to Pennon's continued review of value creating
opportunities in the UK water sector, where the maximum number of shares that
can be repurchased in connection with the Programme is 42,183,689 (being the
maximum authority granted by shareholders at Pennon's AGM on 22 July 2021).
Any further phases are expected to commence over the period to 30 September
2022.

 

 

 

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