REG - Virgin Wines UK PLC - Transaction in Own Shares, TVR & Launch of Buyback

Virgin Wines UKAnnouncement

30/05/2024 07:00

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RNS Number : 3517Q  Virgin Wines UK PLC  30 May 2024

30 May 2024

Virgin Wines UK plc

("Virgin Wines", the "Company" or the "Group")

 

Transaction in Own Shares, Total Voting Rights and Launch of New Share Buyback
Programme

Transaction in Own Shares

 

Virgin Wines UK plc (AIM: VINO), one of the UK's largest direct-to-consumer
online wine retailers announces it has re-purchased 288,720 ordinary shares of
1 pence each in the Company ("Ordinary Shares") at a price of 48 pence per
Ordinary Share (the "Repurchase"). The Repurchase, equating to approximately
0.5 per cent. of the issued Ordinary Shares, was undertaken on 29 May 2024 in
accordance with the terms of the Company's general authority to make purchases
of Ordinary Shares granted by the Company's shareholders on 6 December 2023.
The Ordinary Shares, the subject of the Repurchase, will be held in Treasury
in anticipation of the future exercise of share options under the Company's
long term incentive plan ("LTIP"). As first announced at the time of the
Company's interim results on 25 March 2024, the Board has approved this
Repurchase and the below Share Buyback Programme given the Company's strong
cash position and the current share price.

 

Total Voting Rights

 

Following the Repurchase, Virgin Wines holds 288,720 Ordinary Shares in
Treasury. Following the Repurchase, the total number of Ordinary Shares in
issue with voting rights (excluding Ordinary Shares held in Treasury) is
55,683,685. This figure may be used by the Company's shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change of interest in, Virgin Wines
under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

New Share Buyback Programme

 

In addition to the above, Virgin Wines announces that it intends to commence a
new share buyback programme in respect of its ordinary shares of £0.01 each
("Ordinary Shares") up to an initial maximum value of £361,415 worth of
Ordinary Shares from the date of this announcement (the "Share Buyback
Programme"). The purchased Ordinary Shares will be held in treasury and used
to satisfy share issuances under the LTIP.

The Company has given an irrevocable and non-discretionary instruction to
Liberum, acting as principal, in relation to the Share Buyback Programme,
which will commence today and will end no later than 20 September 2024.

Any purchases of Ordinary Shares contemplated by this announcement will be
affected within certain pre-set parameters. These arrangements are in
accordance with the authorities granted by the Company's shareholders at its
annual general meeting held on 6 December 2023 in respect of market
repurchases of Ordinary Shares.

Shareholders should be aware that the programme will, insofar as is possible,
be conducted in accordance with the safe harbour parameters of the Market
Abuse Regulation (Regulation (EU) No 596/2014) and the Commission Delegated
Regulation (EU) 2016/1052 (as incorporated into UK domestic law by virtue of
the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment)
(EU Exit) Regulations 2019)('MAR') as well as the applicable laws and
regulations of the UK Financial Conduct Authority.

Any market repurchase of Ordinary Shares will be announced no later than 7:30
a.m. on the business day following the calendar day on which the repurchase
occurred. All Ordinary Shares repurchased will be held in treasury.

 

Enquiries:

 

 Virgin Wines UK plc                     Via Hudson Sandler

 Jay Wright, CEO

 Graeme Weir, CFO

 Liberum Capital Limited

 (Nominated Adviser and Sole Broker)

 Edward Thomas

 Dru Danford

 John Fishley

 Anake Singh

 Hudson Sandler

 (Public Relations)

 Alex Brennan

 Dan de Belder

 Charlotte Cobb

 Harry Griffiths

                                         Tel: +44 20 3100 2222

                                         virginwines@hudsonsandler.com (mailto:virginwines@hudsonsandler.com)

                                         Tel: +44 20 7796 4133

 

Notes to editors:

About Virgin Wines

Virgin Wines is one of the UK's largest direct-to-consumer online wine
retailers. It is an award-winning business which has a reputation for
supplying and curating high quality products, excellent levels of customer
service and innovative ways of retailing.

 

The Company, which is headquartered in Norwich, UK, was established in 2000 by
the Virgin Group and was subsequently acquired by Direct Wines in 2005 before
being bought out by the Virgin Wines management team, led by CEO Jay Wright
and CFO Graeme Weir, in 2013. It listed on the London Stock Exchange's
Alternative Investment Market (AIM) in 2021.

 

Virgin Wines has almost 700 wines and c. 150 spirits in its portfolio which it
sells to an active customer base of more than 170,000 members. It has
approximately 200 employees and more than 40 trusted winemaking partners and
suppliers around the world.

The Company drives the majority of its revenue though its fast-growing
WineBank subscription scheme, using a variety of marketing channels, as well
as through its Wine Advisor team, Wine Plan channel and Pay As You Go service.

Along with its extensive range of award-winning products, Virgin Wines was
delighted to be named Online Drinks Retailer of the Year for 2022 at last
year's Drinks Retailing Awards, as well as receiving the bronze award for
Contact Centre of the Year at the 2022 UK National Contact Centre Awards. In
addition, in 2023 the Group's Head of Buying, Sophie Lord, was also named
Buyer of the Year by Decanter magazine.

https://www.virginwinesplc.co.uk/ (https://www.virginwinesplc.co.uk/)

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