Share Buy-back Programme17 Dec 2021 16:32
Interesting!
The Board is aware of the significant discount that the Company's shares trade at relative to its net asset value (NAV) per share, despite the strong operational and financial momentum of the business.
The Board regularly reviews capital allocation to optimise long-term returns for shareholders; reflecting this Wentworth has increased its interim dividend by 10% compared with 2020 and anticipates growth in the final dividend in respect of the year ended 31 December 2021. Given the wide discount referred to above, the Board believes that share buybacks are also an appropriate means of returning value, whilst maximising sustainable long term growth for shareholders, given the enhancement to NAV, earnings and dividends per share that will result from reducing the number of shares in issue.
Accordingly, the Company today announces the commencement of the Programme, for the repurchase of its ordinary shares of up to a total value of £2.0 million. Subject to certain restrictions, the Programme is being made available to eligible shareholders who are on the Company's register of members at 6pm (UK time) on 16 December 2021. The Programme is expected to continue until the start of the Company's 2022 Annual General Meeting, which is expected to be held in June 2022. If shares are available at a discount, the Company may opportunistically look to acquire them, in order to achieve the objectives of the Programme.