Business
Funding Circle Plc: Share Repurchase Programm...
Funding Circle Plc: Share Repurchase Programm....
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nFunding Circle Plc (FCH)\n\n\n\n\n\n\nFunding Circle Plc: Share Repurchase Programme 07-March-2024 / 07:05 GMT/BST\n\n\nFunding Circle Holdings plc\n\n \n\nShare Repurchase Programme\n\nEmbargoed until 7.05am, 7 March 2024\n\n \n\nFunding Circle Holdings plc (“Funding Circle”) announces a discretionary programme to purchase ordinary shares of £0.001 each in its share capital (the “Ordinary Shares”) up to a maximum consideration of £25 million (the “Programme”). The Board of Directors considers that the current trading price of Ordinary Shares materially undervalues Funding Circle’s business and a share repurchase will improve balance sheet efficiency by returning excess capital to shareholders. It is expected that, unless terminated earlier, the Programme will end on the date on which the total GBP purchase price of all Ordinary Shares purchased by Funding Circle pursuant to the Programme is equal to, or as close as possible to, £25 million. It is intended that any purchased Ordinary Shares will be cancelled. The Company has appointed its broker, Numis Securities Limited (“Deutsche Numis”), to manage the share buyback programme to repurchase Ordinary Shares on its behalf.\n\nAny purchases of Ordinary Shares by Funding Circle in relation to the Programme will be carried out on the London Stock Exchange in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. The Programme will be carried out in accordance with the parameters prescribed by the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority’s Listing Rules using the average daily volume of Ordinary Shares traded in February 2024, being the month preceding the month of this announcement. However, there may be circumstances where Funding Circle conducts purchases up to 50% of this average daily volume.\n\nSubject to available distributable reserves, an initial tranche of the Programme will be conducted by Funding Circle in accordance with and under the terms of the general authority granted to the Board of Directors of Funding Circle by its shareholders at its Annual General Meeting held on 11 May 2023 (the “2023 AGM”), wh...