Last checked at 24 Jul 2018 07:10
Hammerson plc (the "Company")
Commencement of Buyback Programme
24 July 2018
The Company announces that it is commencing a share buyback programme for its ordinary shares (the "Programme"). As announced in its recent interim results announcement on 24 July 2018, the Company intends to return realised disposal proceeds to shareholders through the Programme over the next 12 months as the Company progresses with its disposal programme. The maximum aggregate consideration under the Programme will be £300 million. The Programme will commence today and will end no later than 19 July 2019. Any purchase of ordinary shares will be executed in accordance with Hammerson's general authority to repurchase ordinary shares granted by its shareholders on 24 April 2018, up to a maximum of 79,422,719 ordinary shares. The purpose of the Programme is to reduce the ordinary share capital of the Company.
The Company has entered into an agreement with Deutsche Bank AG, London Branch and intends to enter into an agreement with J.P. Morgan Securities Limited (the "Brokers") to conduct the Programme on its behalf. The Brokers will purchase the Company's ordinary shares as principal. Shares purchased through the Programme will be cancelled.
Sarah Booth
General Counsel and Company Secretary
+44 (0) 20 7887 1000
The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange.