REG - Vertu Motors PLC - Share Buyback Programme

Vertu MotorsAnnouncement

09/10/2023 07:15

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RNS Number : 0485P  Vertu Motors PLC  09 October 2023

9 October 2023

Vertu Motors plc

 

("Vertu Motors" or the "Company")

 

Share Buyback Programme

 

Following the success of the share buyback programmes announced in May 2023
and June 2023, which have so far resulted in the purchase and cancellation of
7,710,541 ordinary shares of 10p each ("Ordinary Shares") at a total cost of
£4,982,555, the Company announces: (i) that it has agreed to extend the term
of the share buyback programme announced on 13 June 2023 to utilise the
remaining £1,017,445 unutilised authority; and (ii) a further £3,000,000
share buyback programme, (collectively the "Buyback Programme"). The total
authority under the Buyback Programme will be £4,017,445 (the "Maximum
Amount").

 

Under the Buyback Programme, the Company will, at appropriate times, seek to
buy back its Ordinary Shares using the Company's existing cash resources for
up to the Maximum Amount. The Buyback Programme is considered 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 seek to purchase Ordinary Shares with total
purchases over the programme up to 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 28,936,167. Share repurchases under the Buyback
Programme may be undertaken until the earlier of the Maximum Amount being
repurchased and 29 February 2024. 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
 Robert Forrester, CEO            Tel: 0191 491 2121
 Karen Anderson, CFO              Tel: 0191 491 2121

 Phil Clark, Investor relations   PClark@vertumotors.com
 Zeus Capital Limited
 Jamie Peel                       Tel: 020 3829 5000

 Andrew Jones

 Dominic King
 Camarco
 Billy Clegg                      Tel: 020 3757 4983

 Tom Huddart

 

 

Notes to Editors

Vertu Motors is the fourth largest automotive retailer in the UK with a
network of 190 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 186 franchised sales outlets and 4
non-franchised sales operations from 141 locations across the UK.

 

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

 

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

Vertu brand websites - www.vertumotors.com (http://www.vertumotors.com) /
www.bristolstreet.co.uk (http://www.bristolstreet.co.uk) / www.vertuhonda.com
(http://www.vertuhonda.com) / www.vertutoyota.com (http://www.vertutoyota.com)
/ www.macklinmotors.co.uk (http://www.macklinmotors.co.uk) /
www.vertumotorcyles.com (http://www.vertumotorcyles.com)

 

 

 

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