Business
Transaction in Own Shares
Derwent London plc has commenced a non-discretionary share buyback programme of up to £50 million, excluding expenses, to reduce its issued share capital. The programme, which began on 18 May 2026 and will conclude by 30 September 2026 or upon completion, is divided into two £25 million tranches managed by UBS AG London Branch and Barclays Bank PLC respectively. Share purchases will occur on the London Stock Exchange and other recognised exchanges, with repurchased shares intended for cancellation. The maximum number of ordinary shares that may be repurchased is 11,229,093. Disclaimer*
About this update from Derwent London Plc
[{"type":"text","content":"\n\n\n\n\n\nDerwent London plc (\"Derwent London\" / \"the Company\")\nCommencement of non-discretionary £50m share buyback programme\n\n\n\n\nDerwent London confirms that, as announced in the Q1 2026 Business Update on 12 May 2026, the Board has approved the return of up to £50 million (excluding expenses) of surplus capital to shareholders by way of a share buyback programme of the Company's ordinary shares of 5 pence each (the 'Buyback Programme').\nThe Company has entered into non-discretionary arrangements with UBS AG London Branch (\"UBS\") and Barclays Bank PLC, acting through its investment bank (\"Barclays\"), to conduct the Buyback Programme on its behalf. The Buyback Programme will be split into two tranches. The first tranche of the Buyback Programme will be of an amount of up to £25 million (excluding expenses) to be conducted by UBS1. The second tranche will be of an amount of up to £25 million (excluding expenses) to be conducted by Barclays immediately following completion of the first tranche. Share purchases will be made by UBS and Barclays acting as riskless principals and shall be made independently of and uninfluenced by the Company within certain pre-set parameters.\nThe sole purpose of the Buyback Programme is to reduce the Company's issued share capital. As such, the Company intends to cancel the repurchased ordinary shares. The Company has agreed that the Buyback Programme will commence on 18 May 2026 and will run until the earlier of its completion or 30 September 2026.\nShare purchases under the Buyback Programme will be carried out on the London Stock Exchange and/or other recognised investment exchanges2 in open market transactions and may be made from time to time depending on market conditions, share price and trading volumes, and will be subject to the terms of the Company's arrangements with UBS and Barclays. The Buyback Programme will be effected under the authority received from shareholders at the Company's 2026 Annual General Meeting held on 15 May 2026. Accordingly, the maximum number of shares that may be repurchased under the Buyback Programme is 11,229,093 ordinary shares.\nThe Buyback Programme will be conducted in accordance with the UK Market Abuse Regulation and the UK Listing Rules. The Company will make announcements and publish on its website details of share purchases under the Bu...