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RNS Number : 8424M Pebble Group PLC (The) 01 May 2024
1 May 2024
THE PEBBLE GROUP PLC
("The Pebble Group" or the "Group")
Commencement of Share Buyback Programme
The Pebble Group, a leading provider of digital commerce, products and related
services to the global promotional products industry, is pleased to announce
the commencement of a share buyback programme in the Group's ordinary shares
of 1 pence each ("Ordinary Shares"), up to an initial maximum aggregate
consideration of £5.0m (the "Share Buyback Programme"). The Group initially
announced its intention to undertake the Share Buyback Programme in its
Audited Full Year Results 2023, published on 19 March 2024 and it was also
noted in its AGM Trading Update on 30 April 2024.
The Board considers that the Group's strong balance sheet provides an
opportunity to repurchase its Ordinary Shares at an attractive level whilst
returning capital back to shareholders. This initiative reflects both the
Board's confidence in the Group's future value, continued focus on capital
allocation and enhancing shareholder returns, alongside its continued
investment in the Group's strategy. There are no changes expected to the
Group's existing dividend policy.
The purpose of the Share Buyback Programme is to reduce the share capital of
the Group.
In order to implement the Share Buyback Programme, The Pebble Group has
entered into an agreement with its retained corporate broker, Joh. Berenberg,
Gossler & Co. KG, London Branch ("Berenberg"), on the following basis:
· Berenberg will manage the purchases on a discretionary basis, purchasing
Ordinary Shares on the London Stock Exchange within certain pre-set parameters
and making its trading decisions independently of, and uninfluenced by, the
Group.
· The Share Buyback Programme will be executed in accordance with the
authorities to repurchase Ordinary Shares granted by the Group's shareholders
at the Annual General Meeting ("AGM") held on 30 April 2024.
· The Share Buyback Programme will also be conducted in accordance with the safe
harbour parameters of the EU Market Abuse Regulation (596/2014) (as in force
in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019), the Commission Delegated Regulation (EU) 2016/1052 (as in force in the
UK and as amended by the FCA's Technical Standards (Market Abuse Regulation)
(EU Exit) Instrument 2019) and the AIM Rules.
· Any Ordinary Shares purchased will be cancelled, and therefore will reduce the
issued share capital of the Group accordingly.
· The Group has authorised the Share Buyback Programme to commence from today
and will continue whilst it retains the authority from shareholders to
repurchase Ordinary Shares until the earlier of: (i) the maximum aggregate
consideration payable by the Group has been reached or (ii) at close of
business on 30 June 2025 or, if earlier, at the conclusion of the Company's
AGM to be held in 2025.
Any market purchase of Ordinary Shares pursuant to the Share Buyback Programme
will be announced no later than 7:30am (UK time) on the business day following
the day on which the purchased occurred.
Enquiries:
The Pebble Group Temple Bar Advisory (Financial PR)
Chris Lee, Chief Executive Officer Alex Child-Villiers / Alistair de Kare-Silver / Sam Livingstone
Claire Thomson, Chief Financial Officer +44 (0) 207 183 1190
+44 (0) 750 012 4121 pebble@templebaradvisory.com (mailto:pebble@templebaradvisory.com)
Grant Thornton UK LLP (Nominated Adviser) Berenberg (Corporate Broker)
Samantha Harrison / Harrison Clarke / Ciara Donnelly Ben Wright / Mark Whitmore / Richard Andrews
+44 (0) 207 184 4384 +44 (0) 203 207 7800
About The Pebble Group plc
The Pebble Group is a provider of digital commerce, products and related
services to the global promotional products industry, comprising two
differentiated businesses, Facilisgroup and Brand Addition, focused on
specific areas of the promotional products market. For further information,
please visit www.thepebblegroup.com (http://www.thepebblegroup.com/) .
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