Business
Buyback programme
Buyback programme.
About this update from Vertu Motors Plc
[{"type":"text","content":"\n \nRNS Number : 2845T Vertu Motors PLC 11 October 2017 \n\n11 October 2017\n \n \nVertu Motors plc\n \n(\"Vertu Motors\" or the \"Company\")\n \nBuyback programme\n \nThe Company announces its intention to extend and continue the share buyback programme announced on 26 July 2017 (the \"Buyback Programme\").\nThe Buyback Programme was for an amount up to £3.0 million and of this, the Company has spent £1,612,747. 3,767,030 of the Company's ordinary shares of 10p each (\"Ordinary Shares\") have been purchased to date at an average price of 42.81p.\nThe Company proposes to extend the Buyback Programme to the purchase of Ordinary Shares up to a further £3.0 million in addition to the amount already spent. This would result in a total maximum amount of £4,612,747.\nThe Company will seek to buy back its Ordinary Shares at appropriate times and considers, at the present time, the Buyback Programme to be in the best interests of all shareholders. \nThe Company has entered into an agreement for its broker Canaccord Genuity Limited (\"Canaccord Genuity\") to carry out purchases of its Ordinary Shares under the Buyback Programme on its behalf. Canaccord Genuity will seek to purchase further Ordinary Shares up to the value of £3.0 million. The total maximum number of Ordinary Shares to be purchased is capped at 30 million, based upon the nominal value of the Company's Ordinary Shares. \nThe share repurchases will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with both the Company's general authority to purchase its Ordinary Shares granted by its shareholders and the Market Abuse Regulation 596/2014 (\"MAR\"). Share repurchases will be undertaken until the earlier of the Maximum Amount being repurchased and the 2018 Annual General Meeting of the Company. Any Ordinary Shares repurchased will be cancelled.\nThe Company will make further announcements in due course following the completion of any share repurchases.\nThe Buyback Programme, the purpose of which is to reduce the Ordinary Share capital of the Company, will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU. \n \n \nFor further information please contact...