REG - Whitbread PLC - Share Repurchase Programme

WhitbreadAnnouncement

16/10/2024 07:15

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RNS Number : 3189I  Whitbread PLC  16 October 2024

 

 

 

SHARE REPURCHASE PROGRAMME

 

As announced in today's interim results announcement, Whitbread PLC
('Whitbread' or the 'Company') is commencing a share buy-back programme of up
to £100 million (the 'Programme'). The purpose of the Programme is to reduce
the capital of Whitbread by returning surplus capital to shareholders and it
is expected that the implementation of the Programme will enhance earnings per
share. Whitbread has instructed J.P. Morgan Securities plc ('JPMS') to execute
the Programme.

Whitbread has entered into a non-discretionary and irrevocable instruction
with JPMS in relation to the purchase by JPMS, acting as riskless principal
during the period commencing today and ending no later than 28 April 2025, of
the Company's Ordinary Shares of 76 122/153 pence each ('Ordinary Shares') for
an aggregate purchase price of up to £100 million, subject to suspension for
certain exceptional and/or unforeseen circumstances.

JPMS shall make a simultaneous on-sale of Ordinary Shares purchased under the
instructions to Whitbread. JPMS will make its trading decisions in relation to
the Programme independently of, and uninfluenced by, Whitbread.

The maximum number of Ordinary Shares that can be purchased under the
Programme is 16,481,415 Ordinary Shares (being the total number of shares
which the Company is authorised to repurchase pursuant to the authority
granted to the Company at its annual general meeting held on 18 June 2024 less
the number of shares already purchased as at the date of this letter).

Any purchase of Ordinary Shares made by the Brokers in relation to the
Programme will be carried out on the London Stock Exchange plc, Cboe Europe
Limited or Aquis Stock Exchange Limited. The buy- back by Whitbread will be
executed in accordance with the UK Listing Rules and Whitbread's general
authority (from time to time) to make market purchases of Ordinary Shares. The
Programme will be conducted within the parameters prescribed by the UK Market
Abuse Regulation, the Commission Delegated Regulation (EU) 2016/1052 (both as
incorporated into UK domestic law by the European Union (Withdrawal) Act 2018)
and with regard to regulatory technical standards for the conditions
applicable to buy-back programmes and stabilisation measures. Whitbread will
announce any purchase by it of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase occurred.
Ordinary Shares purchased under the Programme will be cancelled or (to the
extent permitted by law) held in treasury.

JPMS may undertake transactions in shares (which may include sales and hedging
activities, in   addition to purchases which may take place on any available
trading venue or on an over the counter basis) during the period of the
Programme in order to manage its market exposure under the Programme.
Disclosure of such transactions will not be made by JPMS as a result of or as
part of the Programme, but JPMS will continue to make any disclosures it is
otherwise legally required to make.

This announcement does not constitute, or form part of, an offer or any
solicitation of an offer for securities in any jurisdiction.

For more information please contact:

Investor Relations -
Whitbread
investorrelations@whitbread.com (mailto:investorrelations@whitbread.com)

 

Media -
Brunswick
Whitbread@brunswickgroup.com

Tim
Danaher
+44 (0) 20 7404 5959

 

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