OneSavings Bank Regulatory News (OSB)

17 Mar 2022 07:05

LEI: 213800ZBKL9BHSL2K459

OSB GROUP PLC

(the Company or OSB Group)

Share repurchase programme

OSB Group announces that, as outlined in the announcement of its 2021 Full Year Results on 17 March 2022, it intends to commence on 18 March 2022 a share repurchase programme to return up to £100 million to shareholders (the Share Repurchase Programme). The Share Repurchase Programme will help to deliver on OSB Group’s stated intention to deliver attractive and sustainable returns to shareholders across the cycle.

OSB Group has entered into a non-discretionary agreement (the Agreement) with Citigroup Global Markets Ltd (Citi) to undertake the Share Repurchase Programme on its behalf by making market purchases, as riskless principal, of OSB 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 OSB 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.

Ordinary Shares acquired by Citi under the Agreement will be sold on to OSB 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 OSB Group's share capital. The maximum number of Ordinary Shares to be acquired under the Share Repurchase Programme is 44,799,505, as authorised by shareholders at the Company’s 2021 Annual General Meeting on 27 May 2021. The Share Repurchase Programme is expected to complete no later than 21 February 2023.

Any purchase of OSB Group Ordinary Shares contemplated by this announcement will be executed in accordance with OSB Group's general authority to repurchase Ordinary Shares granted by its shareholders at the 2021 Annual General Meeting on 27 May 2021, 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.

1 CBOE BXE and CBOE CXE.

Enquiries:

OSB GROUP PLCAlastair PateGroup Head of Investor Relations t: 07714 181 864

Investor relations

Email: osbrelations@osb.co.uk t: 01634 838 973

Brunswick Robin Wrench/Simone Selzer t: 020 7404 5959

Notes to EditorsAbout OSB GROUP 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 (CCFS) and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the listed entity and holding company for the OSB Group. OSB is a specialist lending and retail savings Group 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.