Result of Share Buyback
The Company today announces the results of the Share Buyback, details of which were set out in the announcement published by the Company on 16 January 2018 (“Share Buyback Announcement“).
The Company confirms that the Share Buyback Price is £17.69, being the average closing market value of an Ordinary Share for the five business days up to and including 22 January 2018. At the Share Buyback Price of £17.69, the maximum aggregate number of Ordinary Shares that may be purchased pursuant to the Share Buyback (which had the capacity to return up to £15 million) is 847,936 Ordinary Shares (taking into account the impact of rounding).
A total of approximately 0.6 million Ordinary Shares have been indicatively tendered by Shareholders under the Share Buyback. Therefore all valid tenders will be satisfied in full and it is expected a total of approximately 0.6 million Ordinary Shares will be purchased under the Share Buyback equating to approximately £11 million.
As set out in the Share Buyback Announcement, such Ordinary Shares will be purchased by Peel Hunt pursuant to the Share Buyback and the Company will subsequently buy back such Ordinary Shares from Peel Hunt and then cancel them. A further announcement will be made by the Company once this has been effected and the issued share capital of the Company has changed.
Capitalised terms used in this announcement have the same meaning as ascribed to them in the Share Buyback Announcement made on 16 January 2018.
For further information, please contact:
- +44 (0)20 7418 8900
- Rory James-Duff (ECM)
- Dan Webster
- George Sellar
- +44 (0)208 004 4217
- Caroline Forde
- Hilary Buchanan
- Robyn Fisher
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