Paragon Group Regulatory News (PAG)

Paragon Banking Group PLC:

Commencement of share buy-back programme

6 June 2023

Paragon Banking Group PLC (the "Company") announces that, as part of a review of its ongoing capital management, a further share buy-back programme of up to £50.0 million for the 2023 financial year (the "Buy-Back Programme") has been authorised by the Company's Board. 

The purpose of the Buy-Back Programme is to reduce the capital of the Company.

The Group was granted the general authority to undertake on-market share buy-backs, up to 23,000,000 ordinary shares, at the Company's AGM on 1 March 2023. The Buy-Back Programme will be carried out under that authority.

The Group is entering into an arrangement with Jefferies International Limited ("Jefferies) to effect a part of the Buy-Back Programme, which will commence immediately and is expected to end no later than 11 August 2023, subject to market conditions. Any purchases made under the Buy-Back programme will be announced through the Regulatory News Service of the London Stock Exchange and the acquired shares will initially be held in treasury. However, there is no guarantee that the Buy-Back Programme will be implemented in full or that any shares will be bought back by the Company.

The Buy-Back Programme will be effected in compliance with Market Abuse Regulation 596/2014 (as it forms part of UK law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended)) ("UK MAR") and Chapter 12 of the Listing Rules.