Last checked at 6 Jan 2023 07:00
6 January 2023
Glenveagh Properties plc
Initiation of Share Buyback Programme
Glenveagh Properties plc ("Glenveagh" or the "Group") announces that it has entered arrangements today with J&E Davy ("Davy") to repurchase ordinary shares of €0.001 each (the "Shares") on Glenveagh's behalf for a maximum aggregate consideration of up to €60 million (the "Buyback").
The purpose of the Buyback is to return excess capital to the Company's shareholders and reduce the share capital of Glenveagh. The Buyback will be conducted within the limits of the authority granted by shareholders at the Group's Extraordinary General Meeting on 15 December 2022 to repurchase up to 10% of the issued ordinary share capital of Glenveagh such that the maximum number of Shares which can be repurchased under the Buyback is 63,813,172.
The Buyback will commence later today, 6 January 2023, and may continue until 31 December 2023 subject to market conditions, the ongoing capital requirements of the business and in accordance with the Group's capital allocation strategy. Under the terms of the Buyback, the Shares will be repurchased on Euronext Dublin and will be subsequently cancelled.
Glenveagh has entered non-discretionary instructions with Davy, acting as principal, to conduct the Buyback on Glenveagh's behalf and to make trading decisions under the Buyback independently of Glenveagh in accordance with certain pre-set parameters.
The Buyback will at all times be conducted in accordance with (and within the parameters prescribed by) the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU)2016/1052 (including as it forms part of retained EU law in the United Kingdom from time to time, and, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and the UK's Market Abuse (Amendment) (EU Exit) Regulations 2019) and in accordance with Chapter 9 of the Euronext Dublin Listing Rules and Chapter 12 of the UK Financial Conduct Authority Listing Rules as well as the rules of the Central Bank of Ireland.
The execution of the Buyback may be augmented by the purchase of Shares by way of block trades. The maximum number of shares which can be repurchased by the Group under the Buyback will be reduced by the corresponding amount of capital returned through block trades.
There is no guarantee that the Buyback will be implemented in full.
For further information please contact:
Investors: | Media: |
Glenveagh Properties PLC Michael Rice (CFO) Chloe McCarthy (Group Company Secretary) Jack Gorman (Head of Investor Relations) investors@glenveagh.ie | Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779
glenveagh@gordonmrm.ie |
Notes to Editors
About Glenveagh Properties PLC
Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder.
Supported by innovation and supply chain integration, Glenveagh is committed to opening access to sustainable high-quality homes to as many people as possible in flourishing communities across Ireland. We are focused on three core markets - suburban housing, urban apartments and partnerships with local authorities and state agencies.
www.glenveagh.ie