2
January 2025
Future plc
Share repurchase
programme
Future plc (the Company) (LSE: FUTR) the global
platform for intent-led specialist media, announces that, in
connection with the share buyback programme of up to £55 million
which it announced on 5 December 2024, it is commencing a share
buyback programme (the Programme) to purchase shares with a
value of up to £55 million subject to remaining within the FY2024
AGM authority (the Authority). The Authority is for
a maximum of 11,672,792 shares, of which 4,398,605 shares were
purchased under the share buyback programme which was announced in
May 2024 and which was completed on 21 October 2024, leaving
7,274,188 shares available to be purchased under the
Authority.
The Programme will be executed during
the period starting today, 2 January 2025, and ending no later than
the conclusion of the Company's FY2026 Annual General Meeting or,
if earlier, the close of business on 1 December 2025 (the
Engagement Period), in
order to reduce the Company's capital.
In order to implement the Programme,
the Company has entered into an irrevocable, non-discretionary
agreement with Numis Securities Limited (Deutsche Numis) to conduct the
Programme on its behalf and carry out on-market purchases of
ordinary shares of 15p each in the capital of the Company
(Ordinary Shares), acting
as riskless principal, and to on-sell such Ordinary Shares to the
Company. The Company intends to cancel the Ordinary Shares it
purchases through the Programme. Deutsche Numis will make
trading decisions in relation to the Programme independently of the
Company. Any purchases of Ordinary Shares under the Programme
will be carried out on the London Stock Exchange and/or other
recognised investment exchanges in accordance with certain pre-set
parameters set out in the agreement with Deutsche Numis and in
accordance with (and subject to the limits prescribed by) the
Authority, Chapter 12 of the UK Listing Rules, Article 5(1) of the
Market Abuse Regulation (EU) No 596/2014 (as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended (the Withdrawal Act)), the Commission Delegated
Regulation (EU) No 2016/1052 (as it forms part of domestic law by
virtue of the Withdrawal Act) and other applicable laws. No
repurchases of Ordinary Shares under the Programme will be made in
or into the United States.
Future will announce any market
repurchase of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred.
The Board will keep the Programme
under review and continue to assess it against its capital
allocation priorities.
Enquiries:
David Bateson
General Counsel and Company
Secretary
Future plc
Tel: 01225 442244
Legal Entity Identifier (LEI):
213800K2581YRLEXV353
About Future
We are the platform for creating and
distributing trusted, specialist content, to build engaged and
valuable global communities. We operate c.230 brands in diversified
content verticals, with multiple market leading positions and three
core monetisation frameworks: advertising, eCommerce affiliate and
direct consumer monetisation (subscriptions and newstrade magazine
sale). Our content is published and distributed through a range of
formats including websites, email newsletters, videos, magazines
and live events. The successful execution of our strategy is
focused on three pillars: grow engaged audience, diversify and grow
revenue per user and optimise the portfolio.
