28 Jun 2018 16:35
28 June 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
Motorpoint Group Plc
("Motorpoint" or the "Company")
Share Buyback Programme - Update
In light of today's announcement regarding the proposed sell-down of existing ordinary shares (the "Placing") in the Company by Shoby Investments Partnership Limited (the "Seller"), Motorpoint confirms that it has informed Numis Securities Limited and Shore Capital Group (who are acting as "Joint Bookrunners" in relation to the Placing), of its intention potentially to participate in the Placing, using the buy-back authority granted by its shareholders at the AGM of Motorpoint held in July 2017. Motorpoint would limit itself to a maximum of 25% of the Placing and, in doing so, would step outside (for these purposes only) the daily volume limit of 115,000 shares referred to in its announcement of 29 November 2017 in relation to its buy-back programme (and with that daily volume limit then being re-applied, once the Placing is complete).
The Company notes that, if it does participate in the Placing, the transaction would be a smaller related party transaction within Listing Rule 11.1.10 R and accordingly, in accordance with that rule, a further announcement would be made.
Enquiries:
Motorpoint Group PLC Mark Carpenter, Chief Executive Officer James Gilmour, Chief Financial Officer
| via FTI Consulting |
FTI Consulting (Financial PR) Jonathon Brill Alex Beagley James Styles | 020 3727 1000 |
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.
Notes to editors
Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Group's principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles. Motorpoint sells vehicles from brands representing over 95 per cent of new vehicle sales in the United Kingdom, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers. The Group operates from 12 retail sites across the United Kingdom; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford, Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield of which four have opened in the last three years; together with a national contact-centre dealing with online enquiries.
More information is available at www.motorpointplc.com and www.motorpoint.co.uk.
Motorpoint (MOTR)