Last checked at 8 Aug 2018 07:30
8 August 2018
Paddy Power Betfair plc (the "Company or the "Group")
Share Buyback Programme
On 2 May 2018, the Group announced its intention to return £500m of cash to shareholders. Subsequently, on 29 May 2018, the Group announced arrangements with Goldman Sachs International in respect of the buyback of shares of an initial tranche of £200m ("Initial Buyback Tranche"). This Initial Buyback Tranche is currently underway.
The Group today announces that it has entered into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC ("Goodbody") to repurchase ordinary shares on the Company's behalf for maximum consideration of £300m (the "Second Buyback Tranche"). This Second Buyback Tranche shall commence after all transactions under the Initial Buyback Tranche have completed and will continue until no later than 28 February 2019, subject to market conditions. The purpose of the Second Buyback Tranche is to reduce the Company's share capital and, accordingly, shares repurchased by the Group will be cancelled. It is intended that ordinary shares may be repurchased on both the London Stock Exchange and the Irish Stock Exchange, trading as Euronext Dublin.
Goodbody will make its trading decisions in relation to the Company's securities independently of, and uninfluenced by, the Group. The Second Buyback Tranche arrangements will be conducted in accordance with the Company's general authority to repurchase ordinary shares as approved by shareholders at its 2018 Annual General Meeting on 18 May 2018, the parameters prescribed by the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of the London Stock Exchange and Euronext Dublin. The maximum number of ordinary shares to be repurchased under the Second Buyback Tranche is 12,692,692 less the number of shares repurchased as part of the Initial Buyback Tranche.
Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following any repurchase. This announcement relates solely to the repurchase of ordinary shares pursuant to the Second Buyback Tranche as detailed above. The Group confirms that it currently has no unpublished inside information.
Contact:
Ivan Kelly, Investor Relations Tel: +353 (87) 794 4999
Pritti Patel, Company Secretariat Tel: +44 (0)7702 761 147