15 Oct 2018 09:53
U and I Group PLC
15 October 2018
U+I Employee Benefit Trust - Purchase of Shares
U and I Group plc (U+I) (the Company) today announces that it has been notified by the trustee of the U+I Employee Benefit Trust (the "EBT") that the EBT has purchased a total of 67,069 Ordinary Shares of 50 pence each ("Ordinary Shares") in the Company over 11 and 12 October 2018, at an average price of 221.61 pence per Ordinary Share.
The purchase by the EBT, which was funded by a loan from the Company, has reduced the potential requirement for the Company to issue new Ordinary Shares to satisfy shares due to employees under the Company's Long-Term Incentive Plan ("LTIP"). The EBT is a discretionary trust for the benefit of employees of U+I, including the executive directors of the Company. These ordinary shares are to be held in the EBT and are intended to be used to satisfy current and future LTIP awards.
The Board of U+I has approved the ongoing funding of the EBT to purchase U+I shares in the market to reduce the potential requirement for the Company to issue new Ordinary Shares to satisfy shares due to employees under the Company's Long-Term Incentive Plan ("LTIP") as awards vest.
For enquiries, please contact:
Chris Barton
U and I Group PLC
020 7828 4777