Last checked at 22 May 2024 07:00
22 May 2024
Future plc
Share repurchase programme
Future plc (the Company) (LSE: FUTR) the global platform for intent-led specialist media, announces that, in connection with the share buyback programme of up to £45 million which it announced on 16 May 2024, it is commencing a share buyback programme (the Programme) to purchase shares with a value of up to £45 million subject to remaining within the AGM authority (the FY2024 AGM authority is for a maximum of 11,672,792 shares) during the period starting on 22 May 2024 and ending no later than the conclusion of the Company's FY2025 Annual General Meeting or, if earlier, the close of business on 8 May 2025 (the Engagement Period), in order to reduce the Company's capital.
The Company has entered into an agreement with J.P. Morgan Securities plc (JPMS plc) under which it has issued an irrevocable instruction to JPMS plc to manage the Programme. JPMS plc will carry out the instruction through the acquisition of ordinary shares (Shares) in the Company for subsequent repurchase by the Company. This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase Shares.
JPMS plc may undertake transactions in Shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Engagement Period in order to manage its market exposure under the Programme. Disclosure of such transactions will not be made by JPMS plc as a result of or as part of the Programme, but JPMS plc will continue to make any disclosures it is otherwise legally required to make.
Future will announce any market repurchase of Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.
The Board will keep the Programme under review and continue to assess it against its capital allocation priorities.
Enquiries:
David Bateson
General Counsel and Company Secretary
Future plc
Tel: 01225 442244
Legal Entity Identifier (LEI): 213800K2581YRLEXV353
About Future
We are the platform for creating and distributing trusted, specialist content, to build engaged and valuable global communities. We operate c.230 brands in diversified content verticals, with multiple market leading positions and three core monetisation frameworks: advertising, eCommerce affiliate and direct consumer monetisation (subscriptions and newstrade magazine sale). Our content is published and distributed through a range of formats including websites, email newsletters, videos, magazines and live events. The successful execution of our strategy is focused on three pillars: grow engaged audience, diversify and grow revenue per user and optimise the portfolio.