Last checked at 29 Apr 2024 07:00
EnQuest PLC
29 April 2024
TRANSACTIONS IN OWN SHARES
EnQuest PLC (the "Company") announces that it will commence the share repurchase programme of its ordinary shares of 5 pence each (the "Ordinary Shares") of up to $15 million (the "Programme"), as first announced at its full year 2023 results on 28 March 2024.
The first phase of the Programme will be carried out through an agreement with Merrill Lynch International ("Merrill Lynch"), pursuant to which Merrill Lynch shall purchase Ordinary Shares as principal (and not as agent of the Company) for the subsequent sale on to, and purchase by, the Company. This agreement will initially run from 29 April 2024 to 30 June 2024 (subject to no regulatory objections or concerns arising), for an aggregate consideration of up to, but no greater than, $15 million. Merrill Lynch will make its trading decisions in relation to the Ordinary Shares independently of, and uninfluenced by, the Company. While the Company has launched the Programme, there is no certainty on the volume of ordinary shares that may be purchased or any certainty on the pace and quantum of purchases.
Any purchase of Ordinary Shares under the Programme will be carried out on the London Stock Exchange and any other UK recognised investment exchange which may be agreed, in accordance with pre-set parameters and in accordance with (and subject to limits prescribed by) the Company's general authority to repurchase Ordinary Shares granted by its shareholders at its most recent annual general meeting, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).
The Company 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. It is intended that the first 25 million Ordinary Shares purchased under the Programme will be held in Treasury for issue in due course to the Company's Employee Benefit Trust to satisfy the anticipated future exercise of options and awards made to employees and Executive Directors of EnQuest PLC pursuant to certain of the Company's existing share plans. To the extent permitted by law, and after the initial 25 million Ordinary Shares are purchased, all additional Ordinary Shares purchased under the Programme will be cancelled.
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.
Ends
For further information please contact:
EnQuest PLC | Tel: +44 (0)20 7925 4900 |
Amjad Bseisu (Chief Executive Officer) Jonathan Copus (Chief Financial Officer) |
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Chris Sawyer (General Counsel and Company Secretary) |
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Craig Baxter (Head of Investor Relations) |
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Teneo | Tel: +44 (0)20 7353 4200 |
Martin Robinson |
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Harry Cameron |
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Notes to editors
ENQUEST
EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.
EnQuest PLC trades on the London Stock Exchange.
Please visit our website www.enquest.com for more information on our global operations.
Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.