REG - Vertu Motors PLC - Transaction in Own Shares

Vertu MotorsAnnouncement

15/05/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240515:nRSO4237Oa&default-theme=true

RNS Number : 4237O  Vertu Motors PLC  15 May 2024

15 May 2024

Vertu Motors plc

 

("Vertu Motors" or the "Company")

 

Share Buyback Programme

 

The Company announces that it has agreed a new £3 million share buyback
programme (the "Buyback Programme").

 

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 £3 million (the "Maximum Amount") replacing any previous
programme.  The Buyback Programme is considered to be in the best interests
of all shareholders and is consistent with the capital allocation strategy of
the Company.

 

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 total maximum number of Ordinary Shares to be purchased
under the Buyback Programme is 30 million.  Share repurchases under the
Buyback Programme may be undertaken until the earlier of the Maximum Amount
being repurchased and 27 September 2024.  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.

 

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 -

 

 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
 Matthew Blawat                   Tel: 0207 710 7688

 Nick Harland
 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 188 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 184 franchised sales outlets and 4
non-franchised sales operations from 143 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)

 

 

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  POSUSSVRSWUVAAR