Last checked at 18 Apr 2024 07:00
18 April 2024
Vistry Group PLC
Commencement of £100m share buyback
Vistry Group PLC (the "Company" or the "Group") today announces that it is commencing the share buyback programme (the "Programme") to repurchase up to £100m of ordinary shares of 50 pence each in the capital of the Company ("Ordinary Shares") as previously announced on 14 March 2024 with the 2023 Full Year results.
The Programme is expected to commence today, 18 April 2024, and is expected to be completed no later than 30 September 2024.
As announced with the 2023 Half Year results, the Group intends to pursue a two times adjusted earnings ordinary distribution cover in respect of a full financial year, with such distributions made through either share buybacks or dividends, the method to be determined by the Board considering all relevant factors at the time.
The Company has entered into discretionary arrangements with Numis Securities Ltd ("Deutsche Numis"), Peel Hunt LLP ("Peel Hunt") and HSBC Bank plc ("HSBC") (together the "Brokers") in relation to the purchase by the Brokers, acting as principals, of the Ordinary Shares of the Company. Deutsche Numis will conduct the first third of the Programme followed by the next third conducted by HSBC and Peel Hunt will conduct the final third.
The aggregate purchase price of all Ordinary Shares acquired under the Programme will be no more than £100 million (excluding stamp duty and expenses). To the extent permitted, up to 250,000 Ordinary Shares purchased under the Programme will be held in Treasury and the remaining shares that are purchased will be cancelled.
Any purchases of Ordinary Shares contemplated by this announcement will be carried out on the London Stock Exchange and/or other recognised investment exchange(s). The Programme is in accordance with the Company's general authority to purchase a maximum of 34,571,674 Ordinary Shares, granted by its shareholders at the Annual General Meeting held on 18 May 2023 and the purpose of the Programme is to reduce the share capital of the Company. The Programme will be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (as in force in the UK from time to time, including where relevant pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019). The Group confirms that it currently has no other unpublished price sensitive information.
The Company will announce any market repurchases of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.
For further information please contact: Vistry Group PLC Tim Lawlor, Chief Financial Officer Susie Bell, Group Investor Relations Director FTI Consulting Richard Mountain / Susanne Yule |
07469 287335
020 3727 1340 |
Cautionary statement regarding forward-looking statements
Certain statements in this press release are, or may be deemed to be, forward looking statements. Forward looking statements involve evaluating a number of risks, uncertainties or assumptions, many of which are beyond the Group's control, that could cause actual results to differ materially from those expressed or implied by those statements. Forward looking statements regarding past trends, results or activities should not be taken as representation that such trends, results or activities will continue in the future. Undue reliance should not be placed on forward looking statements. Forward looking statements speak only as at the date of this document and the Group and its directors and officers expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward looking statement herein.