REG - Vistry Group PLC - Commencement of £130m share buyback programme

VistryAnnouncement

12/09/2024 07:00

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RNS Number : 8540D  Vistry Group PLC  12 September 2024

12 September 2024

 

Vistry Group PLC

Commencement of £130m share buyback programme

Vistry Group PLC (the "Company" or the "Group") today announces that it is
commencing the share buyback programme (the "Programme") to repurchase up to
£130million of ordinary shares of 50 pence each in the capital of the Company
("Ordinary Shares"), formed of an ordinary buyback of £55million and a
special buyback of £75million as previously announced on 5 September 2024
with the 2024 Half Year results.

The Programme is expected to commence today, 12 September 2024, and is
expected to be completed no later than the Annual General Meeting to be held
on 14 May 2025.

As previously announced, the Group intends to pursue a two times adjusted
earnings ordinary distribution cover in respect of a full financial year, with
such distributions made through either share buybacks or dividends, the method
to be determined by the Board considering all relevant factors at the time.
The ordinary buyback of £55million under the Programme is in line with this
capital allocation policy.

As set out in the 2024 Half Year results announcement, the special buyback of
£75million under the Programme reflects the progress made with the Group's
strategy to date and further progress expected in the remainder of the year to
generate surplus capital to be returned to shareholders.

The Company has entered into a discretionary arrangement with Numis Securities
Ltd ("Deutsche Numis") in relation to the purchase by Deutsche Numis, acting
as principals, of the Ordinary Shares of the Company. Deutsche Numis will
conduct the first tranche of the Programme, which will be for circa
£43.3million. The Company will release a further announcement in due course
confirming arrangements for the remainder of the Programme.

The aggregate purchase price of all Ordinary Shares acquired under the
Programme will be no more than £130 million (excluding stamp duty and
expenses). All Ordinary Shares purchased under the first tranche of the
Programme will be cancelled.

Any purchases of Ordinary Shares contemplated by this announcement will be
carried out on the London Stock Exchange and/or other recognised investment
exchange(s). The Programme is in accordance with the Company's general
authority to purchase a maximum of 51,083,054 Ordinary Shares, granted by its
shareholders at the Annual General Meeting held on 16 May 2024 and the purpose
of the Programme is to reduce the share capital of the Company.

The Programme will be effected within the parameters of the Market Abuse
Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU
(as in force in the UK from time to time, including where relevant pursuant to
the Market Abuse (Amendment) (EU Exit) Regulations 2019). The Group confirms
that it currently has no other unpublished price sensitive information.

The Company will announce any market repurchases of Ordinary Shares no later
than 7.30 a.m. on the business day following the calendar day on which the
repurchase occurred.

 

 For further information please contact:

 Vistry Group PLC

 Tim Lawlor, Chief Financial Officer

 Susie Bell, Group Investor Relations Director   07469 287335

 FTI Consulting

 Richard Mountain / Susanne Yule

                                                 020 3727 1340

 

 

 

Cautionary statement regarding forward-looking statements

Certain statements in this press release are, or may be deemed to be, forward
looking statements. Forward looking statements involve evaluating a number of
risks, uncertainties or assumptions, many of which are beyond the Group's
control, that could cause actual results to differ materially from those
expressed or implied by those statements. Forward looking statements regarding
past trends, results or activities should not be taken as representation that
such trends, results or activities will continue in the future. Undue reliance
should not be placed on forward looking statements. Forward looking statements
speak only as at the date of this document and the Group and its directors and
officers expressly disclaim any obligation or undertaking to release any
update of, or revisions to, any forward looking statement herein.

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