Vistry Group PLC Commencement of GBP55m share buyback (2359W)
December 11 2023 - 1:00AM
UK Regulatory
TIDMVTY
RNS Number : 2359W
Vistry Group PLC
11 December 2023
11 December 2023
Vistry Group PLC
Commencement of GBP55m share buyback
Vistry Group PLC (the "Group") today announces that it is
commencing the share buyback programme (the "Programme") to
repurchase up to GBP55m of ordinary shares of 50 pence each in the
capital of the Company ("Ordinary Shares") as previously announced
on 11 September 2023 with the Half Year results.
The Programme is expected to commence today, 11 December 2023,
and is expected to be completed no later than the announcement of
the Group's Full Year results on 14 March 2024.
As announced with the Half Year results, the Group intends to
pursue a two times adjusted earnings ordinary distribution cover in
respect of a full financial year, with such distributions made
through either share buybacks or dividends, the method to be
determined by the Board considering all relevant factors at the
time.
The Company has entered into non-discretionary arrangements with
Numis Securities Ltd ("Deutsche Numis") and Peel Hunt LLP ("Peel
Hunt") (together the "Brokers") in relation to the purchase by the
Brokers, acting as principals, of the Ordinary Shares of Vistry.
Deutsche Numis will conduct the first half of the Programme and
Peel Hunt will conduct the latter half.
The aggregate purchase price of all Ordinary Shares acquired
under the Programme will be no more than GBP55 million (excluding
stamp duty and expenses). To the extent permitted, up to 250,000
Ordinary Shares purchased under the Programme will be held in
Treasury and the remaining shares that are purchased will be
cancelled.
Any purchases of Ordinary Shares contemplated by this
announcement will be carried out on the London Stock Exchange
and/or other recognised investment exchange(s). The Programme is in
accordance with Vistry's general authority to purchase a maximum of
34,571,674 Ordinary Shares, granted by its shareholders at the
Annual General Meeting held on 18 May 2023 and the purpose of the
Programme is to reduce the share capital of the Company. The
Programme will be effected within the parameters of the Market
Abuse Regulation 596/2014/EU and the Commission Delegated
Regulation 2016/1052/EU (as in force in the UK from time to time,
including where relevant pursuant to the Market Abuse (Amendment)
(EU Exit) Regulations 2019). The Group confirms that it currently
has no other unpublished price sensitive information.
Vistry will announce any market repurchases of Ordinary Shares
no later than 7.30 a.m. on the business day following the calendar
day on which the repurchase occurred.
For further information please contact:
Vistry Group PLC
Tim Lawlor, Chief Financial Officer
Susie Bell, Group Investor Relations 07469 287335
Director
FTI Consulting
Richard Mountain / Susanne Yule 020 3727 1340
Cautionary statement regarding forward-looking statements
Certain statements in this press release are, or may be deemed
to be, forward looking statements. Forward looking statements
involve evaluating a number of risks, uncertainties or assumptions,
many of which are beyond the Group's control, that could cause
actual results to differ materially from those expressed or implied
by those statements. Forward looking statements regarding past
trends, results or activities should not be taken as representation
that such trends, results or activities will continue in the
future. Undue reliance should not be placed on forward looking
statements. Forward looking statements speak only as at the date of
this document and the Group and its directors and officers
expressly disclaim any obligation or undertaking to release any
update of, or revisions to, any forward looking statement
herein.
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END
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