Business
PRTC Share Buyback Programme Commences Purchases
PRTC Share Buyback Programme Commences Purchases.
About this update from Puretech Health Plc
[{"type":"text","content":"\n \n \n 9 May 2022\n \n \n PureTech Health plc\n \n \n \n \n \n PureTech Announces Share Buyback Programme Update\n \n \n \n \n \n PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) (\"PureTech\" or the \"Company\"), a clinical-stage biotherapeutics company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, announces that, in connection with the $50 million share buyback programme announced on 5 May 2022, it is now commencing purchases of the Company's ordinary shares of one pence each (\"Ordinary Shares\") (the \"Programme\"). The Programme will be carried out in tranches and is in line with the Company's previously announced capital allocation strategy to balance investment in the continued growth of its business with potential returns of capital to shareholders.1\n \n PureTech plans to execute the buyback in two tranches. In respect of the first tranche, PureTech announces that it has entered into an irrevocable non-discretionary instruction with Jefferies International Limited (\"Jefferies\") in relation to the purchase by Jefferies, acting as principal during the period commencing on 9 May 2022 and ending on the earlier of exhaustion of funds associated with the first tranche or 8 May 2023 (subject to any regulatory objections or concerns), of Ordinary Shares for an aggregate consideration (excluding expenses) of no greater than $25 million and the simultaneous on-sale of such Ordinary Shares by Jefferies to PureTech. Jefferies will make its trading decisions in relation to the Ordinary Shares independently of, and uninfluenced by, the Company. Purchases may continue during any close period to which the Company is subject. It is anticipated that the second tranche, subject to a separate instruction, will commence promptly on completion of the first tranche, subject to renewal of the requisite authority at the 2022 AGM.\n \n The maximum number of Ordinary Shares that can be purchased under the first tranche of the Programme is 28,589,874 Ordinary Shares (being the maximum number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's annual general meeting held on May 27, 2021).\n \n The purpose of the Programme is to return capital to shareholders in line with the Company's cap...