REG - Vertu Motors PLC - Share Buyback Programme

Vertu MotorsAnnouncement

05/10/2022 09:33

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RNS Number : 7756B  Vertu Motors PLC  05 October 2022

5 October 2022

Vertu Motors plc

 

("Vertu Motors" or the "Company")

 

Share buyback programme

 

Following the £3 million buyback programme announced in June 2022, which
resulted in the purchase and cancellation of 5,171,799 ordinary shares of 10p
each ("Ordinary Shares") at a total cost of £2,895,501, the Company announces
that it has agreed a further £3 million share buyback programme (the "Buyback
Programme").

 

 

Under the Buyback Programme, the Company will seek to buy back its Ordinary
Shares using the Company's existing cash resources for a further amount up to
£3 million. The debt capacity of the Company, current net cash position and
positive cash flow is such that we will also continue to pay dividends and
consider acquisition and investment opportunities as part of its ongoing
capital allocation.

 

The Company will seek to buy back its Ordinary Shares at appropriate times and
considers, at the present time, the Buyback Programme to be in the best
interests of all shareholders.

 

The Company has entered into an agreement for its broker Zeus Capital Limited
("Zeus Capital") to carry out purchases of its Ordinary Shares under the
Buyback Programme on its behalf. As and when requested to do so by the
Company, Zeus Capital will then seek to purchase Ordinary Shares with total
purchases over the programme up to a maximum value of £3 million (the
"Maximum Amount").

 

The share repurchases will be carried out on the London Stock Exchange and
will be effected within certain pre-set parameters and in accordance with the
Company's general authority to purchase its Ordinary Shares granted by its
shareholders. The total maximum number of Ordinary Shares to be purchased
under the Buyback Programme is 30 million. Share repurchases may be undertaken
until the earlier of the Maximum Amount being repurchased and 28 February
2023. Any Ordinary Shares repurchased will be cancelled.

 

The Company will make further announcements in due course following the
completion of any share repurchases.

 

The Buyback Programme, the purpose of which is to reduce the Ordinary Share
capital of the Company, will also be effected within the parameters of the
Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation
2016/1052/EU, each as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018.

- Ends -

For further information please contact:

 

 Vertu Motors plc       Tel: 0191 491 2121
 Robert Forrester, CEO
 Karen Anderson, CFO
 Zeus Capital Limited   Tel: 020 3829 5000
 Jamie Peel

 Andrew Jones

 Dominic King
 Camarco                Tel: 020 3757 4983
 Billy Clegg

 Tom Huddart

 

Notes to Editors

Vertu Motors is the fifth largest automotive retailer in the UK with a network
of 160 sales outlets across the UK. Its dealerships operate predominantly
under the Bristol Street Motors, Vertu and Macklin Motors brand names.

 

Vertu Motors was established in November 2006 with the strategy to consolidate
the UK motor retail sector.  It is intended that the Group will continue to
acquire motor retail operations to grow a scaled dealership group.  The
Group's acquisition strategy is supplemented by a focused organic growth
strategy to drive operational efficiencies through its national dealership
network. The Group currently operates 156 franchised sales outlets and 4
non-franchised sales operations from 121 locations across the UK.

 

Vertu's Mission Statement is to "deliver an outstanding customer motoring
experience through honesty and trust".

 

Vertu Motors Group websites - investors.vertumotors.com / www.vertucareers.com
(http://www.vertucareers.com)

 

Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk /
www.macklinmotors.co.uk / www.vertumotorcycles.com

 

 

 

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