Business
OSB GROUP PLC Share Repurchase Programme
OSB GROUP PLC Share Repurchase Programme.
About this update from Osb Group Plc
[{"type":"text","content":"\n\n \n \n\n OSB GROUP PLC Share Repurchase Programme\n\nLEI: 213800ZBKL9BHSL2K459 OSB GROUP PLC (the Company or OSB Group) Share repurchase programme OSB Group announces that, as outlined in the announcement of its 2023 Full Year Results on 14 March 2024, it intends to commence, on 15 March 2024, a share repurchase programme to return up to £50 million to shareholders (the Share Repurchase Programme). The Share Repurchase Programme will help to deliver on OSB Group’s stated intention to deliver attractive and sustainable returns to shareholders across the cycle. OSB Group has entered into a non-discretionary agreement (the Agreement) with Jefferies International Limited (Jefferies) to undertake the Share Repurchase Programme on its behalf by making market purchases, as riskless principal, of OSB Group’s ordinary shares of one pence each (the Ordinary Shares) on the London Stock Exchange or another recognised investment exchange1. Jefferies shall make trading decisions under the Share Repurchase Programme independently of OSB Group, subject to certain parameters agreed between Jefferies and the Company prior to the commencement of the Share Repurchase Programme and to the Company’s right to terminate the Agreement in certain limited circumstances. Ordinary Shares acquired by Jefferies under the Agreement will be sold on to OSB Group. It is the Company’s present intention for such repurchased Ordinary Shares to be cancelled. The purpose of the Share Repurchase Programme is therefore to reduce OSB Group's share capital. The maximum number of Ordinary Shares to be acquired under the Share Repurchase Programme is 43,024,375, as authorised by shareholders at the Company’s 2023 Annual General Meeting on 11 May 2023. The Share Repurchase Programme is expected to complete no later than 5 September 2024. Any purchase of OSB Group Ordinary Shares contemplated by this announcement will be executed in accordance with OSB Group's general authority to repurchase Ordinary Shares granted by its shareholders at the 2023 Annual General Meeting on 11 May 2023, the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), and Chapter 12 of the Financial Conduct Authority's Listing Rules. Any repurchase of ...