Last checked at 2 Jul 2019 07:00
Auto Trader Group plc
2 July 2019
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 6 June 2019, 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 2018 AGM on 20 September 2018, at which the Company's shareholders generally authorised the Company to make market purchases of up to 94,802,631 of its ordinary shares, subject to minimum and maximum price restrictions. This authority expires at the conclusion of the Company's 2019 AGM, to be held on 19 September 2019. Since the date that this authority was granted, the Company has acquired 13,316,990 shares, of which 1,266,000 ordinary shares were purchased to be held in treasury with the remainder being cancelled. 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.
Auto Trader Group plc Claire Baty, Company Secretary |
+44 (0)161 669 9888 |
About Auto Trader
Auto Trader Group plc is the UK and Ireland's largest digital automotive marketplace. Auto Trader sits at the heart of the UK's vehicle buying process and its primary activity is to help vehicle retailers compete effectively on the marketplace in order to sell more vehicles, faster. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 100 Index.
The marketplace brings together the largest and most engaged consumer audience. Auto Trader has over 90% prompted brand awareness and attracts circa 50 million monthly cross platform visits each month, with over 70% of visits coming through mobile devices.
The marketplace also has the largest pool of vehicle sellers (listing around 450,000 cars each day). Around 80% of UK automotive retailers advertise on autotrader.co.uk.
For more information, please visit http://about-us.autotrader.co.uk