OneSavings Bank Regulatory News (OSB)

5 Sep 2024 07:00

LEI: 213800ZBKL9BHSL2K459

OSB GROUP PLC(the Company or the Group)

Share repurchase programme

The Group announces that, as stated in its 2024 interim report dated 15 August 2024, it intends to commence a share repurchase programme to return up to £50 million to shareholders (the Share Repurchase Programme) on 6 September 2024. The Share Repurchase Programme aligns with the Group’s stated intention to deliver attractive and sustainable returns to its shareholders.

The Group has entered into a non-discretionary agreement (the Agreement) with Citigroup Global Markets Limited (Citi) to undertake the Share Repurchase Programme on its behalf by making market purchases, as riskless principal, of the Group’s ordinary shares of one pence each (the Ordinary Shares) on the London Stock Exchange or another recognised investment exchange1. Citi shall make trading decisions under the Share Repurchase Programme independently of the Group, subject to certain parameters agreed between Citi and the Company prior to the commencement of the Share Repurchase Programme and to the Company’s right to terminate the Agreement in certain limited circumstances. Citi will continue to operate the Share Repurchase Programme during any closed period.

Ordinary Shares acquired by Citi under the Agreement will be sold on to the Group. It is the Company’s present intention for such repurchased Ordinary Shares to be cancelled. The purpose of the Share Repurchase Programme is therefore to reduce the Group's share capital. The maximum number of Ordinary Shares to be acquired under the Share Repurchase Programme is 39,358,310, as authorised by shareholders at the Company’s 2024 Annual General Meeting on 9 May 2024. The Share Repurchase Programme is expected to complete no later than 31 January 2025.

Any purchase of the Group Ordinary Shares contemplated by this announcement will be executed in accordance with the Group's general authority to repurchase Ordinary Shares granted by its shareholders at the 2024 Annual General Meeting on 9 May 2024, the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), and Chapter 12 of the Financial Conduct Authority's Listing Rules.

Any repurchase of Ordinary Shares will be announced no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

1CBOE BXE and CBOE CXE.

Enquiries:

OSB GROUP PLCAlastair PateGroup Head of Investor Relations t: 01634 838 973

Brunswick Robin Wrench/Simone Selzer t: 020 7404 5959

Notes to EditorsAbout OSB GROUP PLC

OneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the listed entity and holding company for the Group. The Group provides specialist lending and retail savings and is authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Group reports under two segments, OneSavings Bank and Charter Court Financial Services.