1 Apr 2019 07:01
€25m share buyback programme Hibernia REIT plc ("Hibernia" or the "Company") has announced today the sale of 77 Sir John Rogerson's Quay and its intention to return the net sales proceeds of €35m to shareholders, commencing with an initial share buyback of up to €25m. The Company has entered into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC ("Goodbody") to repurchase ordinary shares on the Company's behalf up to a maximum consideration of €25m (the "Share Buyback Programme").The Share Buyback Programme will commence on 2 April 2019 and may continue until 31 December 2019 subject to market conditions, the ongoing capital requirements of the business and termination provisions customary for arrangements of this nature. The maximum number of ordinary shares to be repurchased under the Share Buyback Programme is 69,758,891 and these may be repurchased on either Euronext Dublin or the London Stock Exchange. The purpose of the Share Buyback Programme is to reduce the Company's share capital and it is intended that shares repurchased will be cancelled.
Goodbody will make its trading decisions in relation to the Company's shares independently of, and uninfluenced by, the Company and in accordance with certain pre-set parameters. The Share Buyback Programme will be conducted (i) in accordance with the Company's general authority to repurchase ordinary shares as approved by shareholders at the Company's AGM on 31 July 2018 (and following its expiry, in accordance with, and subject to, a renewed general repurchase authority at the 2019 AGM) and (ii) the parameters prescribed by the Market Abuse Regulation 596/2014/EU, the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of Euronext Dublin and the London Stock Exchange. Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following repurchase. The Company confirms that currently it has no unpublished inside information.
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Tom Edwards-Moss, Chief Financial Officer
Sean O'Dwyer, Company Secretary
Murray Consultants
Doug Keatinge: +353 86 037 4163, dkeatinge@murraygroup.ie
Jill Farrelly: +353 87 738 6608, jfarrelly@murraygroup.ie
About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange. Hibernia owns and develops property and specialises in Dublin city centre offices.