REG - TruFin PLC TruFin PLC - Share Buyback Programme

TrufinAnnouncement

22/05/2025 07:00

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RNS Number : 7591J  TruFin PLC  22 May 2025

 

LEI: 213800C2QPZFECSRZ964

22 May 2025

 

 

TruFin plc

 ("TruFin" or the "Company" or together with its subsidiaries "TruFin Group"
or the "Group")

 

 

Share Buyback Programme
 

 

TruFin (AIM: TRU) is pleased to announce the commencement of a share buyback
programme ("Share Buyback Programme") to purchase ordinary shares of £0.91
each in the capital of the Company ("Ordinary Shares") up to a maximum
aggregate consideration of £4 million (the "Maximum Amount").

 

As announced in the Group's trading update on 20 May 2025, the Share Buyback
Programme is being initiated due to the Board's belief that the Company's
shares trade at a discount to an internally calculated intrinsic value, in
order to further enhance shareholder returns and to reduce the Company's share
capital. Any Ordinary Shares acquired as a result of the Share Buyback
Programme will be cancelled.

 

Details of the Buyback

 

The Group has entered into an agreement with its broker Panmure Liberum
Limited ("Panmure Liberum") to carry out purchases of its Ordinary Shares
under the Share Buyback Programme on its behalf. Panmure Liberum will manage
the purchases on a discretionary basis, purchasing Ordinary Shares on the
London Stock Exchange within certain pre-set parameters over the Share Buyback
Programme up to the Maximum Amount.

 

Prior to the Company's next annual general meeting to be held on 12 June 2025
(the "2025 AGM"), the Share Buyback will take place within the limitations of
the authority granted to the Board of TruFin at its annual general meeting
("General Authority"), held on 5 June 2024 (the "2024 AGM"), pursuant to which
the maximum number of Ordinary Shares which may be bought back is 10,598,688,
representing 10 per cent. of the Company's issued share capital. Thereafter,
provided the relevant resolution is approved at the 2025 AGM, this limit will
increase to 15,898,003, representing 15 per cent. of the Company's issue share
capital.

 

In line with the authority given at the 2024 AGM, and the authority proposed
at the 2025 AGM, the maximum price (exclusive of expenses) which may be paid
for an Ordinary Share shall not be more than an amount equal to 105% of the
average middle market quotations for an Ordinary Share, as derived from London
Stock Exchange Daily Official List, for the five business days immediately
preceding the day on which the Ordinary Share is contracted to be purchased.

 

Shareholders should be aware that the Share Buyback Programme may on any given
trading day represent a significant portion of the daily traded volume in the
Group's Ordinary Shares on the London Stock Exchange, and may exceed 25% (but
not 50%) of the average daily traded volume on the London Stock Exchange
during the 20 trading days preceding the date of purchase of such Ordinary
Shares (the "Volume Limit"). Accordingly, the Group may not benefit from the
exemption contained in Article 5(1) of MAR. The Volume Limit may be exceeded
should Panmure Liberum consider, at its discretion, that an opportunity has
arisen to acquire a significant number of shares in one trade. In such
circumstances, an announcement of the purchase will be made as soon as
possible following such trade taking place.

 

The Group has authorised the Share Buyback Programme to commence from today
and will continue until the earlier of: (i) the date on which the Maximum
Amount payable by the Company has been reached, or (ii) 31 August 2025,
conditional on the share buyback authority being renewed at the Company's 2025
AGM.

 

Any market purchase of Ordinary Shares pursuant to the Share Buyback Programme
will be announced no later than 7:30am (UK time) on the business day following
the day on which the purchase occurred.

 

 

For further information, please contact:

 

 TruFin plc                                                         0203 743 1340

James van den Bergh, Chief Executive Officer
07779 229508

Kam Bansil, Investor Relations

 Panmure Liberum Limited (Nominated Adviser and Corporate broker)   0203 100 2000

Chris Clarke

Edward Thomas

 

 

 

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