Last checked at 20 Jul 2022 07:00
Auto Trader Group plc
20 July 2022
Share buyback programme
Auto Trader Group plc (LSE: AUTO, "Auto Trader" or the "Company"), the UK's largest digital automotive marketplace, announces that it intends to continue with the rolling programme of share buybacks as previously announced on 26 May 2022, and will instruct its broker, Merrill Lynch International, to purchase shares on its behalf.
The programme will continue on an ongoing basis under the authority granted by shareholders at the Company's 2021 AGM on 17 September 2021, at which the Company's shareholders generally authorised the Company to make market purchases of up to 96,678,535 of its ordinary shares, subject to minimum and maximum price restrictions. This authority expires at the conclusion of the Company's 2022 AGM. The aggregate number of shares acquired by the Company pursuant to the programme shall not exceed the maximum number of shares which the Company is authorised to purchase pursuant to this authority.
The purpose of the share buyback programme is to reduce the Company's share capital. It is intended that shares purchased under this programme will be either held in treasury (to the extent required to satisfy existing share awards under the Company's share incentive plans) with the remainder being immediately cancelled.
The share buyback programme will be conducted in accordance with the Company's general authority to repurchase shares, Chapter 12 of the UKLA Listing Rules and relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions.
Enquiries:
Auto Trader Group plc Claire Baty, Company Secretary | 0345 111 0006 |
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About Auto Trader:
Auto Trader Group plc is the UK and Ireland's largest automotive marketplace. Our marketplace sits at the heart of the vehicle buying process, with the largest number of car buyers and the largest choice of trusted stock. Auto Trader exists to grow both its car buying audience and core advertising business. It will change how the UK shops for cars by providing the best online car buying experience, enabling all retailers to sell online. We aim to build stronger partnerships with our customers, use our voice and influence to drive more environmentally friendly vehicle choices and create an inclusive and diverse culture. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 100 Index.
For more information, please visit https://plc.autotrader.co.uk/who-we-are/about-us/