Business
Share repurchase programme
Share repurchase programme.
About this update from Trainline Plc
[{"type":"text","content":"\n\n\n\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nTRAINLINE PLC\nNew capital allocation framework and share repurchase programme\n 14th September 2023\n \nTrainline plc (\"Trainline\", the \"Company\" or the \"Group\"), today sets out its new framework of capital allocation.\nTrainline's Board of Directors have approved the new capital allocation framework, having reviewed the Group's capital structure, growth opportunities and required cash balances, both now and in the future.\nCapital allocation framework\nTrainline's primary use of capital is to invest behind its strategic priorities - including enhancing the customer experience and building demand for rail travel - to drive organic growth and deliver attractive and sustainable rates of return. The Group may supplement that with inorganic investment, should it help accelerate delivery of the Group's strategic growth priorities. Trainline will also continue to manage debt leverage, including retaining a prudent and appropriate level of liquidity headroom should unforeseen circumstances arise. Any surplus capital thereafter may be returned to shareholders, including through the repurchase of Trainline's shares.\nShare repurchase programme\nAs part of this framework, the Company also announces today it will commence a share repurchase programme of its ordinary shares of 1p each (the \"Ordinary Shares\") up to a maximum consideration of £50,000,000 (the \"Programme\") over the next 12 months.\nTrainline announces that it has entered into an instruction with Morgan Stanley & Co. International Plc (\"Morgan Stanley\") in relation to the purchase by Morgan Stanley, acting on a riskless principal basis, during the period commencing on 14 September 2023 and ending no later than 13 September 2024, of ordinary shares in the share capital of Trainline (the \"Shares\") for an aggregate purchase price of no greater than £50,000,000 (excluding stamp duties, fees and levies) and the simultaneous on-sale of such Shares by Morgan Stanley to Trainline.\nAny purchase of Ordinary Shares done in relation to this announcement will be executed in accordance with (i) the terms and parameters of Morgan Stanley's engagement; (ii) the relevant regulations, including the EU Market Abuse Regulation (596/2014), the Commission Delegated Regulation (2016/1052), i...