Last checked at 25 Oct 2017 07:00
25 October 2017
Vertu Motors plc
("Vertu Motors" or the "Company")
Transaction in Own Shares
Vertu Motors plc (AIM: VTU) announces that on 24 October 2017, it purchased 200,160 ordinary shares of 10p each in the Company on the London Stock Exchange (the "Repurchased Shares"), pursuant to the share buyback programme (the "Buyback Programme") that was announced on 26 July 2017 and subsequently extended on 11 October 2017, as follows:
Date of purchase: | 24 October 2017 |
Number of ordinary shares purchased: | 200,160 |
Highest price paid per ordinary share: | 43.00 pence |
Lowest price paid per ordinary share: | 42.50 pence |
Volume weighted average price paid per ordinary share: | 42.81 pence |
Application will be made for the Repurchased Shares to be cancelled. Following the cancellation of the Repurchased Shares, the total number of ordinary shares with voting rights will be 392,265,414 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Vertu Motors under the FCA's Disclosure Guidance and Transparency Rules. The Company holds no shares in treasury.
The Company will make further announcements in due course following the completion of any further purchases pursuant to the Buyback Programme.
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 details of the purchase of its own ordinary shares by Vertu Motors, which were all executed through the Company's broker, Canaccord Genuity Limited, are set out below:
Schedule of Purchases:
Shares purchased: | Vertu Motors plc (ISIN: GB00B1GK4645) |
Date of purchases: | 24 October 2017 |
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Aggregate information:
Aggregated volume | Volume-weighted average price | Venue |
200,160 | 42.81 | London Stock Exchange |
Individual transactions:
Number of sharespurchased
| Transaction price(per share) | Time of transaction |
11,390 | 42.50 pence | 12:11 PM (UK) |
106,989 | 43.00 pence | 12:47 PM (UK) |
31,781 | 42.75 pence | 12:48 PM (UK) |
50,000 | 42.50 pence | 1:00 PM (UK) |
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For further information please contact:
Vertu Motors plcRobert Forrester, CEOMichael Sherwin, CFO | Tel: 0191 491 2111Tel: 0191 491 2112 |
Canaccord Genuity Limited Bruce GarrowChris ConnorsRichard Andrews | Tel: 020 7523 8000 |
Zeus Capital LimitedDominic King | Tel: 020 3829 5000 |
Camarco Billy Clegg Tom Huddart | Tel: 020 3757 4983 |
Notes to Editors
Vertu Motors, the UK automotive retailer with a proven growth strategy, is the sixth largest automotive retailer in the UK with a network of 124 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell and Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 121 franchised sales outlets and 3 non-franchised sales operations from 104 locations across the UK.
Vertu Motors Group websites - www.vertumotors.com / www.vertucareers.com
Vertu brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.farnelljaguar.com / www.vertuvolkswagen.com / www.vertumercedes-benz.com