6 Jul 2023 09:11
BELVOIR GROUP PLC
(the "Group", or "Belvoir")
Share Buyback Programme
Belvoir Group PLC (AIM:BLV), a leading UK property franchise and financial services Group, announces that it will undertake a share buyback programme of up to £100,000 worth of ordinary shares of 1 pence each ("Ordinary Shares") (the "Share Buyback Programme").
Ordinary Shares so purchased will be used to mitigate the dilutive impact of employee options, a proportion of which are due to vest this year.
The Company has appointed its corporate broker finnCap Limited ("finnCap") to manage the Share Buyback Programme, to repurchase Ordinary Shares on its behalf from today's date until 31 August 2023.
The Company has entered into an irrevocable commitment with finnCap to continue the Share Buyback Programme through a non-discretionary programme, repurchasing the Company's Ordinary Shares on its behalf, and within certain defined parameters. finnCap will make trading decisions in relation to the buyback of Ordinary Shares independently of the Company within the programme terms.
Share repurchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. The amount paid for each Ordinary Share (exclusive of expenses) shall not be more than the higher of 105 per cent of the average price of an Ordinary Share, for the five days immediately preceding the day on which any Ordinary Share is purchased, or the higher of the price of the last independent trade and the highest current independent bid for an Ordinary Share on the trading venue where the purchase is carried out.
Pending re-issue the repurchased Ordinary Shares will be held in treasury. Ordinary Shares held in treasury are not entitled to dividends and have no voting rights at the Company's general meetings.
The Company will make further regulatory announcements in respect of repurchases of Ordinary Shares as required by UK MAR and the AIM Rules.
For further details:
Belvoir Group PLC Dorian Gonsalves, Chief Executive Officer Louise George, Chief Financial Officer www.belvoirgroup.com
| 01476 584900 investorrelations@belvoirgroup.com |
finnCap Julian Blunt, Teddy Whiley (Corporate Finance) Tim Redfern, Charlotte Sutcliffe (ECM) www.finncap.com
| +44 (0) 20 7220 0500 |
Buchanan Charles Ryland, Jack Devoy
| +44 (0) 20 7466 5000 |
Notes for editors:
About Belvoir Group PLC
Founded in 1995 and listed on AIM in 2012 (BLV.L), Belvoir operates a nationwide property franchise Group with 487 offices across seven brands specialising in residential lettings, property management, residential sales and property-related financial services. With its Central Office in Grantham, Lincolnshire, the Group manages 75,500 properties and reported record revenues of £33.7m in 2022 marking Belvoir's 26th year of unbroken profit growth.
For further information, please visit: www.belvoirgroup.com