Business
Share buyback programme
Share buyback programme.
About this update from Future Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFor immediate release\n \n10 July 2023\n \nFuture plc\n \n(\"Future\" or the \"Company\")\n \n \nProposed Return of Cash via a Share Buyback Programme and Notice of General Meeting\n \n \nFuture plc [LSE: FUTR) the global platform for intent-led specialist media, announces that it is proposing to return up to £45 million of cash to its shareholders, through the means of an on-market share buyback programme (the Share Buyback Programme). A notice convening a general meeting (the General Meeting) at which shareholders will be asked to approve a resolution authorising the Company to buy back up to 10 per cent. of its existing ordinary share capital through on-market purchases (the Share Buyback Authority) is expected to be posted to shareholders shortly.\n \nThe Group's capital allocation, which is discussed by the Board on a regular basis, has historically prioritised organic and inorganic investment before debt repayment and returning excess cash to shareholders, whilst maintaining a prudent approach to leverage. \n \nThe Company has a strong balance sheet, with leverage of 1.41x net debt to EBITDA[1], and a robust pipeline of attractive inorganic investment opportunities. However, the Board believes that the Share Buyback Programme will provide greater flexibility to achieve an optimal use of cash to deliver value for shareholders, whilst still maintaining a strong balance sheet. Once the Share Buyback Programme commences, the Board will keep it under review and continue to assess it against its capital allocation priorities.\n \nThe Company will convene the General Meeting to approve the Share Buyback Authority, under which the Company intends to implement the Share Buyback Programme. The Company intends to renew the same general 10 per cent. buyback authority as a standing matter at future annual general meetings. \n \nIt is expected that, subject to the resolution approving the Share Buyback Authority being passed at the General Meeting, the Share Buyback Programme would commence thereafter. \n \nThis announcement contains inside information for the purposes of the Market Abuse Regulation (Regulation (EU) No 596/2014), as it forms part of retained EU law in the United Ki...