15 May 2024
Vertu Motors
plc
("Vertu Motors" or the
"Company")
Share Buyback
Programme
The Company announces that it has
agreed a new £3 million share buyback programme (the "Buyback
Programme").
Under the Buyback Programme the
Company will, at appropriate times, seek to buy back its Ordinary
Shares using the Company's existing cash resources for an amount up
to £3 million (the "Maximum Amount") replacing any previous
programme. The Buyback Programme is considered to be in the
best interests of all shareholders and is consistent with the
capital allocation strategy of the Company.
The Company has entered into an
agreement for its broker Stifel Nicolaus Europe Limited ("Stifel")
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, Stifel will seek to purchase Ordinary Shares with total
purchases over the programme up to the Maximum Amount.
The 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 under the Buyback Programme may be undertaken until the
earlier of the Maximum Amount being repurchased and 27 September
2024. All Ordinary Shares repurchased under the Buyback
Programme will be cancelled.
The Company will make further
announcements in due course following the completion of any share
repurchases.
The 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.
- ENDS
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Vertu Motors plc
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Robert Forrester, CEO
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Tel: 0191 491 2121
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Karen Anderson, CFO
Phil Clark, Investor
relations
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Tel: 0191 491 2121
PClark@vertumotors.com
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Stifel
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Matthew Blawat
Nick Harland
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Tel: 0207 710 7688
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Camarco
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Billy Clegg
Tom Huddart
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Tel: 020 3757 4983
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Notes to Editors
Vertu Motors is the fourth largest
automotive retailer in the UK with a network of 188 sales outlets
across the UK. Its dealerships operate predominantly under the
Bristol Street Motors, Vertu and Macklin Motors brand
names.
Vertu Motors was established in
November 2006 with the strategy to consolidate the UK motor retail
sector. It is intended that the Group will continue to
acquire motor retail operations to grow a scaled dealership
group. The Group's acquisition strategy is supplemented by a
focused organic growth strategy to drive operational efficiencies
through its national dealership network. The Group currently
operates 184 franchised sales outlets and 4 non-franchised sales
operations from 143 locations across the UK.
Vertu's Mission Statement is to
"deliver an outstanding customer motoring experience through
honesty and trust".
Vertu Motors Group websites -
https://investors.vertumotors.com
/www.vertucareers.com
Vertu brand websites -
www.vertumotors.com
/ www.bristolstreet.co.uk
/ www.vertuhonda.com
/ www.vertutoyota.com
/ www.macklinmotors.co.uk
/ www.vertumotorcyles.com