Business
Commencement of Share Buyback Programme
Commencement of Share Buyback Programme.
About this update from Dr. Martens Plc
[{"type":"text","content":"\n\n14 July 2023\n \nDr. Martens plc\nCommencement of Share Buyback Programme\n \nDr. Martens plc (\"Dr. Martens\" or the \"Company\") today announces the commencement of a share buyback programme regarding the purchase of ordinary shares in the Company with a nominal value of 1p each (the \"Shares\") up to a maximum consideration of £50,000,000 (the \"Programme\"). Dr. Martens previously announced its intention to commence the Programme following shareholder approval with its preliminary results on 1 June 2023.\n \nThe Company has entered into an agreement with Morgan Stanley & Co. International plc (\"Morgan Stanley\") to conduct the Programme on its behalf and to make trading decisions under the Programme independently of the Company. Under the terms of the Programme, the maximum consideration is £50,000,000. The Programme will commence on 14 July 2023 and end on the date on which the total Sterling purchase price of all Shares purchased by Morgan Stanley pursuant to the Programme is equal to, or as close as possible to £50,000,000. The sole purpose of the Programme is to reduce the share capital of Dr. Martens.\n \nMorgan Stanley will purchase the Shares as principal and simultaneously be deemed to execute sales to the Company of any Shares so purchased in accordance with the terms of their engagement. The Company intends to cancel the Shares it purchases through the Programme.\n \nAny purchase of Shares under the Programme will be executed in accordance with certain pre-set parameters set out in the terms of the Morgan Stanley's engagement, the Company's general authority to make market purchases of Shares granted by the shareholders of the Company at the annual general meeting held on 13 July 2023 (which permits the Company to purchase no more than 100,083,437 Shares), the EU Market Abuse Regulation (596/2014), the Commission Delegated Regulation (2016/1052), in each case as such legislation forms part of retained EU law (as defined in the EU (Withdrawal) Act 2018), and Chapter 12 of the Financial Conduct Authority's Listing Rules.\n \nDr. Martens will announce any market repurchase of the Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. Dr. Martens intends to cancel the Shares it purchases through the Programme. \n \...