Business
Share buyback programme
Share buyback programme.
About this update from Vertu Motors Plc
[{"type":"text","content":"\n\n10 May 2023\nVertu Motors plc\n \n(\"Vertu Motors\" or the \"Company\")\n \nShare buyback programme\n \nThe Company announces that it has agreed a further £3 million share buyback programme (the \"Buyback Programme\"). \n \nUnder the Buyback Programme, the Company will seek to buy back its Ordinary Shares using the Company's existing cash resources for a further amount up to £3 million. The debt capacity of the Company, current net cash position and positive cash flow is such that we will also continue to pay dividends and consider acquisition and investment opportunities as part of its ongoing capital allocation.\n \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. \n \nThe Company has entered into an agreement for its broker Zeus Capital Limited (\"Zeus Capital\") to carry out purchases of its Ordinary Shares under the Buyback Programme on its behalf. As and when requested to do so by the Company, Zeus Capital will then seek to purchase Ordinary Shares with total purchases over the programme up to a maximum value of £3 million (the \"Maximum Amount\").\n \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 the Company's general authority to purchase its Ordinary Shares granted by its shareholders. The total maximum number of Ordinary Shares to be purchased under the Buyback Programme is 30 million. Share repurchases may be undertaken until the earlier of the Maximum Amount being repurchased and 22 September 2023. Any Ordinary Shares repurchased will be cancelled.\n \nThe Company will make further announcements in due course following the completion of any share repurchases.\n \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, each as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018. \n- Ends -\nFor further information please contact:\n \n\n\n\nVertu Motors plc\n\n\n\n\n\n\n\nRobert Forrester, CEO\n\n\nTel: 0191 491 ...