Business
Share Repurchase Programme
Share Repurchase Programme.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \nRNS Number : 9469G TBC Bank Group PLC 29 July 2019 \n\n\nShare Repurchase Programme\n \nTBC Bank Group PLC (\"TBC PLC\") announces that from today until 30 September 2019 it will commence a programme to purchase ordinary shares (\"Ordinary Shares\"), of up to £20 million (the \"Programme\"). The maximum aggregate number of Ordinary Shares that may be purchased under the Programme is 1,800,000 (under both the first and second parts as described below). The Programme will be effected in accordance with the terms of the authority granted by shareholders at the AGM held on 24 June 2019. It is currently intended that any Ordinary Shares purchased will be held in treasury. The purpose of the Programme would, in respect of the first 470,000 Ordinary Shares, be to allow TBC PLC to meet obligations arising from share option programmes and other allocations of shares to employees. Any repurchases beyond that amount would be for the purposes of reducing the capital. TBC PLC believes that the current share price undervalues the group and therefore presents an opportunity to create economic value by repurchasing Ordinary Shares. In particular, the acquisition of up to the first 470,000 would allow TBC PLC to acquire a pool of Ordinary Shares which are otherwise expected to need to be issued at a time when the prevailing share price may be higher.\nThe Company has entered into an agreement with Renaissance Securities (Cyprus) Limited (\"RenCap\") to conduct the Programme, which will be implemented in two stages. \nThe first part of the Programme, will commence today and end not later than close of dealings on 14 August 2019 (the day before the announcement of the TBC PLC's final half-year results). This part of the Programme, during which no more than 470,000 Ordinary Shares will be purchased, will be conducted by RenCap under irrevocable instructions to make trading decisions independently of TBC PLC. \nAfter this date, under the second part of the Programme, which is limited to 1,800,000 Ordinary Shares (less the number purchased under the first part), trading decisions may be undertaken by RenCap (and/or any other broker appointed by TBC PLC) in accordance with the directions of TBC PLC.\nAny buy-back of the Ordinary Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the UKLA Listing Rules, a...