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15 Nov 2018 07:01
15 November 2018
GREAT PORTLAND ESTATES PLC(the Company)
Share Buyback Programme
On 15 November 2018, the Company announced its intention to repurchase up to £200.0 million of shares. The Company announces today that it has entered into an arrangement with Merrill Lynch International and J.P. Morgan Securities plc to repurchase ordinary shares in the Company up to a maximum aggregate consideration of £200.0 million (the Buyback Programme).
The Buyback Programme will be subject to certain pre-set parameters and will be executed during a 12-month period from 15 November 2018 up to and including 14 November 2019, unless terminated by either the Company, Merrill Lynch International and/or J.P. Morgan Securities plc in accordance with the respective arrangements (the Engagement Period), including during any closed period of the Company which may fall during the Engagement Period. The purpose of the Buyback Programme is to reduce the share capital of the Company (any shares repurchased for this purpose will be cancelled).
The maximum aggregate number of shares that will be repurchased is 42,221,384 ordinary shares. This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares.
Contacts:
Great Portland Estates plc | ||
Nick Sanderson | Finance Director | 020 7647 3034 |
This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Company is Desna Martin, Company Secretary.
LEI number of Great Portland Estates PLC:
213800JMEDD2Q4N1MC42
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