REG - Driver Group plc - Share Buyback
12/06/2024 07:15
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RNS Number : 0414S Driver Group plc 12 June 2024
Driver Group plc
("Driver Group" or the "Company")
Share Buyback
Driver Group plc (AIM: DRV), the global specialist dispute avoidance and
dispute resolution consultancy, is pleased to announce that it intends to
conduct on-market purchases under a share buyback programme to repurchase
£0.25 million of the Company's ordinary shares of 0.4 pence each ("Ordinary
Shares") pursuant to the authority obtained at the Company's last annual
general meeting (the "Buyback").
The purpose of the Buyback is to return cash to shareholders and to reduce the
share capital of the Company. The Buyback will be funded from the Company's
existing surplus cash resources and all Ordinary Shares purchased will be held
in treasury. The Company intends to operate the Buyback from the date of
this announcement until the earlier of the 2025 Annual General Meeting or
close of business on the date which is 15 months from the 2024 Annual General
Meeting.
The Company has appointed Singer Capital Markets Securities Limited ("Singer
Capital Markets") to execute and manage the Buyback and has given an
irrevocable instruction to Singer Capital Markets to make market purchases of
Ordinary Shares on its behalf, independently to the Company. Singer Capital
Markets will make its trading decisions in relation to the Ordinary Shares
independently of the Company.
The maximum price which may be paid by the Company per Ordinary Share shall
not be more than the higher of:
a. 105 per cent of the average of the middle market quotations for an Ordinary
Share as derived from the Daily Official List of the London Stock Exchange plc
for the five business days immediately preceding the day on which the purchase
is made; and
b. the value of an Ordinary Share calculated on the basis of the higher of
the price quoted for (i) the last independent trade of and (ii) the highest
current independent bid for the Ordinary Shares.
c. The maximum amount (excluding expenses) of share value that can be
traded in one week is £125,000.
The Company has determined that it will not rely on the safe harbour
conditions for trading set out in Article 5 of EU Market Abuse Regulation
(2014/596/EU) (which forms part of domestic UK law pursuant to the European
Union (Withdrawal) Act 2018) ("UK MAR") given the limited liquidity in the
Ordinary Shares and limitations that it would impose on the number of Ordinary
Shares that can be purchased and, as such, the Company may purchase on any
trading day materially in excess of 25 per cent. of the average daily volume
in the 20 trading days preceding the date on which the purchase is carried
out.
There is no guarantee that the Buyback programme will be implemented in full
or that any purchases will be made.
As at the time of this announcement, the Company's total issued share capital
consists of 53,962,868, of which 904,046 shares are held in treasury,
therefore, the total number of Ordinary shares carrying voting rights is
53,058,822.
The above figure of 53,058,822 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, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Enquiries:
Driver Group plc
Mark Wheeler (CEO) 020 7377 0005
Charlotte Parsons (CFO) 020 7496 3000
Singer Capital Markets (Nomad & Broker)
Sandy Fraser
Jen Boorer
James Todd
Acuitas Communications 020 3745 0293 / 07799 767676
Simon Nayyar simon.nayyar@acuitascomms.com
Arthur Dingemans arthur.dingemans@acuitascomms.com
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