REG - Vertu Motors PLC - Share Buyback Programme

Vertu MotorsAnnouncement

06/02/2025 14:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250206:nRSF2315Wa&default-theme=true

RNS Number : 2315W  Vertu Motors PLC  06 February 2025

6 February 2025

Vertu Motors plc

("Vertu Motors" or the "Group")

Share Buyback Programme

The Board announces that it has agreed a new £12m share buyback programme
(including the remaining £1.8m from the programme announced in October) (the
"Buyback Programme").  This reflects the Board's intention to increase
capital allocation to buybacks.

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
an amount up to £12 million (the "Maximum Amount"). The Board believes that
this is an appropriate use of capital and will continue a programme of
buybacks as a relevant element of returns to shareholders, alongside dividend
payments.

The Company has entered into an agreement for its broker Stifel Nicolaus
Europe Limited ("Stifel") 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, Stifel 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 Company has remaining authority to purchase up to a maximum
of 24,660,565 Ordinary Shares and the Company intends to seek a renewal of the
general authority to purchase Ordinary Shares at the 2025 AGM for up to
approximately 10% of the issued share capital. Share repurchases under the
Buyback Programme may be undertaken until the earlier of the Maximum Amount
being repurchased and 28 February 2026. All Ordinary Shares repurchased under
the Buyback Programme will be cancelled.

The Company will make further announcements in due course following the
completion of any share repurchases.   There is no certainty that the
Buyback Programme will be implemented in full.

The Buyback Programme, the purpose of which is to reduce the Ordinary Share
capital of the Company, will, insofar as is possible, be effected within the
safe harbour 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.  However, the
Buyback Programme may on any given day represent a significant proportion of
the daily trading volume in the Ordinary Shares and could therefore exceed 25%
of the daily trading volume. In this case, the Group would not benefit from
the exemption contained in Article 5(1) of the UK version of the Market Abuse
Regulation.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

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
 Stifel (Nominated Adviser and Broker)
 Matthew Blawat                                Tel: 0207 710 7688

 Nick Harland
 Camarco
 Billy Clegg                                   Tel: 020 3757 4980

 Tom Huddart

 Blackdown Partners (Joint Financial Advisor)  Tel: 0754 9954255
 Peter Tracey
 Tom Fyson

 Evercore (Joint Financial Adviser)            Tel: 020 7653 6000
 Ed Banks
 Dimitrios Georgiou

 

Notes to Editors

Vertu Motors is the fourth largest automotive retailer in the UK with a
network of 198 sales outlets across the UK. Its dealerships operate
predominantly under the Bristol Street Motors and Vertu 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 195 franchised sales outlets and 3 non-franchised
sales operations from 153 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.vertumotorcyles.com (http://www.vertumotorcyles.com)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSTFMITMTJMBAA