Last checked at 28 Feb 2020 07:00
Inchcape plc - Share repurchase programme
Inchcape plc (the Company) announces that, as set out in its full year results to 31 December 2019 published yesterday, it is commencing a share buyback programme (the Programme) to purchase shares with a value of up to £150 million (inclusive of taxes, fees and expenses) during the period starting on 28 February 2020 and ending no later than 16 February 2021 (the Engagement Period) the sole purpose of which is to reduce the capital of the Company.
The Company has entered into agreements with J.P. Morgan Securities plc and Barclays Capital Securities Limited (together the Banks) under which it has issued an instruction to the Banks to manage the Programme. Each Bank will carry out its instruction through the acquisition of ordinary 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 provisions of the Market Abuse Regulation 596/2014/EU and will be conducted in accordance with such general authority conferred by the Company's shareholders to repurchase the shares in place from time to time.
Each Bank 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 either Bank as a result of or as part of the Programme, but each Bank will continue to make any disclosures it is otherwise legally required to make.