REG - Vistry Group PLC - Commencement of £100m share buyback

VistryAnnouncement

18/04/2024 07:00

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RNS Number : 8781K  Vistry Group PLC  18 April 2024

18 April 2024

 

Vistry Group PLC

Commencement of £100m share buyback

Vistry Group PLC (the "Company" or the "Group") today announces that it is
commencing the share buyback programme (the "Programme") to repurchase up to
£100m of ordinary shares of 50 pence each in the capital of the Company
("Ordinary Shares") as previously announced on 14 March 2024 with the 2023
Full Year results.

The Programme is expected to commence today, 18 April 2024, and is expected to
be completed no later than 30 September 2024.

As announced with the 2023 Half Year results, the Group intends to pursue a
two times adjusted earnings ordinary distribution cover in respect of a full
financial year, with such distributions made through either share buybacks or
dividends, the method to be determined by the Board considering all relevant
factors at the time.

The Company has entered into discretionary arrangements with Numis Securities
Ltd ("Deutsche Numis"), Peel Hunt LLP ("Peel Hunt") and HSBC Bank plc ("HSBC")
(together the "Brokers") in relation to the purchase by the Brokers, acting as
principals, of the Ordinary Shares of the Company. Deutsche Numis will conduct
the first third of the Programme followed by the next third conducted by HSBC
and Peel Hunt will conduct the final third.

The aggregate purchase price of all Ordinary Shares acquired under the
Programme will be no more than £100 million (excluding stamp duty and
expenses).  To the extent permitted, up to 250,000 Ordinary Shares purchased
under the Programme will be held in Treasury and the remaining shares that are
purchased will be cancelled.

Any purchases of Ordinary Shares contemplated by this announcement will be
carried out on the London Stock Exchange and/or other recognised investment
exchange(s). The Programme is in accordance with the Company's general
authority to purchase a maximum of 34,571,674 Ordinary Shares, granted by its
shareholders at the Annual General Meeting held on 18 May 2023 and the purpose
of the Programme is to reduce the share capital of the Company. The Programme
will be effected within the parameters of the Market Abuse Regulation
596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (as in force
in the UK from time to time, including where relevant pursuant to the Market
Abuse (Amendment) (EU Exit) Regulations 2019). The Group confirms that it
currently has no other unpublished price sensitive information.

The Company will announce any market repurchases of Ordinary Shares no later
than 7.30 a.m. on the business day following the calendar day on which the
repurchase occurred.

 

 For further information please contact:

 Vistry Group PLC

 Tim Lawlor, Chief Financial Officer

 Susie Bell, Group Investor Relations Director   07469 287335

 FTI Consulting

 Richard Mountain / Susanne Yule

                                                 020 3727 1340

 

 

 

Cautionary statement regarding forward-looking statements

Certain statements in this press release are, or may be deemed to be, forward
looking statements. Forward looking statements involve evaluating a number of
risks, uncertainties or assumptions, many of which are beyond the Group's
control, that could cause actual results to differ materially from those
expressed or implied by those statements. Forward looking statements regarding
past trends, results or activities should not be taken as representation that
such trends, results or activities will continue in the future. Undue reliance
should not be placed on forward looking statements. Forward looking statements
speak only as at the date of this document and the Group and its directors and
officers expressly disclaim any obligation or undertaking to release any
update of, or revisions to, any forward looking statement herein.

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