REG - PayPoint PLC - Commencement of Share Buyback Programme

PayPointAnnouncement

01/07/2024 07:00

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RNS Number : 0074U  PayPoint PLC  01 July 2024

 

1 July 2024

 

PayPoint plc

Share Buyback Programme

Commencement of £20 million Share Buyback Programme

 

Further to its announcement on 13 June 2024, PayPoint plc ("PayPoint" or the
"Company") announces that it will launch a share buyback programme (the
"Programme") to purchase ordinary shares in the capital of the Company (the
"Ordinary Shares") for an aggregate consideration of £20 million with
immediate effect. The sole purpose of the Programme is to reduce the share
capital of PayPoint and therefore the Ordinary Shares purchased under the
Programme will be cancelled. The Directors of the Company consider the
Programme to be in the best interests of the Company and its shareholders.

The Programme is subject to the authority granted by a special resolution of
the Company passed on 07 September 2023 and will take place during the period
starting on 1 July 2024 and ending no later than 30 June 2025. The maximum
number of Ordinary Shares which may be purchased by the Company under the
Programme is 7,257,609 and is conditional on the renewal of such authority at
the Company's 2024 annual general meeting, to be held on 01 August 2024.

 

The Company has entered into irrevocable, non-discretionary instructions with
Investec Bank plc ("Investec") to conduct the Programme on its behalf and to
make trading decisions under the Programme independently of PayPoint. The
Programme will be conducted within certain pre-set parameters including those
prescribed by the Market Abuse Regulation 596/2014 (as it forms part of
domestic law by virtue of section 3 of the European Union (Withdrawal) Act
2018 (as amended)) and Chapter 12 of the Listing Rules.

 

PayPoint will announce any purchase of Ordinary Shares pursuant to the
Programme no later than 7.30 a.m. on the business day following the calendar
day on which the purchase occurs.

Investec may undertake transactions in the Company's ordinary shares (which
may include sales and hedging activities, in addition to purchases) in order
to manage its market exposure under the Programme. PayPoint will make any
disclosures it is legally required to make in relation to such transactions.

 

Following discussions between the Company and the Takeover Panel, the Takeover
Panel has agreed that, under Rule 37.1 of the Takeover Code and the notes to
that Rule, Asteriscos Patrimonial SL should be treated as an "innocent
bystander" in relation to any increase in its holdings of Shares as a result
of the buyback and will not therefore be required to make an offer under Rule
9 as a result of any increase in its holding caused by such a buyback.

 

Enquiries

 

 PayPoint plc
 Nick Wiles, Chief Executive Officer

 Mobile: 07442 968960

 Rob Harding, Chief Financial Officer

 Mobile: 07525 707970

 

 FGS Global
 Rollo Head

 James Thompson

 Telephone: 0207 251 3801

 

 Investec Bank plc
 Carlton Nelson

 Henry Reast

 Telephone: 0207 597 5970

 

    LEI number of PayPoint plc: 5493004YKWI8U0GDD138

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