Business
Share Repurchase Programme
Share Repurchase Programme.
About this update from Franchise Brands Plc
[{"type":"text","content":"\n \nRNS Number : 5515Y Franchise Brands PLC 02 January 2020 \n\nThe following amendments have been made to the 'SHARE REPURCHASE PROGRAMME' announcement released on 2 January 2020 at 9:39am under RNS No 5343Y.\nSquare brackets were removed from the ordinary share figures detailed in the first paragraph.\nAll other details remain unchanged. \n \n2 January 2020\n \nFRANCHISE BRANDS PLC\n(\"Franchise Brands\", \"the Group\" or \"the Company\")\n \nSHARE REPURCHASE PROGRAMME\n \nFranchise Brands announces that from 1 January 2020 until 30 June 2020, it will continue its discretionary programme to buyback ordinary shares of 0.5 pence each in the Company (\"Ordinary Shares\"), up to a value of £200,000 (the \"Programme\"). This is a continuation of the programme that commenced in 2018 and has seen the Company purchase a total of 538,700 Ordinary Shares into treasury. Pursuant to the announcement on 28 August 2019, 513,700 Ordinary Shares held in treasury were withdrawn from treasury in part fulfillment of options exercised. The Company currently holds 25,000 Ordinary Shares in treasury.\n \nThe Group is cash generative and therefore intends to continue the share repurchase programme to offset the dilutive impact of employee share option awards, focusing on overall shareholder return. Ordinary Shares purchased under the Programme will therefore be held in Treasury to enable the Company to meet obligations arising from share option programmes.\n \nThe Programme will be conducted by the Company in accordance with and under the terms of the general authority granted by the Company's shareholders at the Company's Annual General Meeting on 23 April 2019 to purchase up to 7,773,203 shares. This authority will expire at the end of the next Annual General Meeting of the Company in 2020 or, if earlier, at the close of business on 23 July 2020 (\"2019 Authority\"). \n \nThe Company has entered into an arrangement with its joint broker, Dowgate Capital Limited, to carry out on-market purchases of Ordinary Shares on its behalf under the Programme, including on a discretionary basis independent of the Company during any prohibited periods of the Company, as determined by the Market Abuse Regulation 596/2014/EU (\"MAR\"), which may fall during the period of the Programme. The Programme will be conducted...