Business
Update on Buyback Programme
Update on Buyback Programme.
About this update from Firstgroup Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n03 August 2023\n \nFirstGroup plc\n \nUpdate on Buyback Programme\nOn 16 December 2022, FirstGroup plc (‘FirstGroup’ or the ‘Group’) announced an on-market share buyback programme to purchase up to £75m of ordinary shares of 5p (the “£75m Programme”). The Group confirms that having repurchased 63,868,786 shares for a total consideration of £74,999,999 the £75m Programme is now complete. The average price of the shares acquired was 117.43 pence per share.\nOn 8 June 2023, FirstGroup announced a proposed on-market share buyback programme to purchase up to £115m of ordinary shares of 5p (the “£115m Programme”) subject to approval of the normal buyback authority at the Company’s Annual General Meeting (“AGM”).\nFollowing the completion of the £75m Programme and approval of the necessary authority at the AGM held on 21 July 2023 the Group confirms that the £115m Programme will commence today. It is anticipated that the £115m Programme will end no later than 1 August 2024, subject to market conditions. Notwithstanding the authority granted at the AGM the Group confirms the Programme will be limited to 102,930,054 shares being 14.99% of the Group’s current issued share capital.\nAs announced on 27 June 2023, the Group confirms that it has entered into a non-discretionary arrangement with Liberum Capital Limited and RBC Europe Limited which will enable the purchase of ordinary shares for the £115m Programme to continue through close periods.\nThe sole purpose of the £115m Programme is to reduce the issued share capital of the Group and therefore the repurchased shares will initially be held in Treasury, before being cancelled at a later date. Treasury shares are not entitled to dividends and have no voting rights at general meetings. \nAny purchase of Ordinary Shares pursuant to the £115m Programme will be announced no later than 7:30 a.m. on the business day following the day on which the purchase occurs.\nThe £115m Programme will be conducted within certain pre-set parameters including those prescribed by the Market Abuse Regulation 596/2014 (as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended)) and Chapter 12 of the Listing Rules.\n \n\n\n\n\n\n\n\n\n\nContacts at FirstGroup:\n\n\n\nDavid Blizzard, Company Secretary\n\...