Ashtead Group PLC Purchase of Shares (5135C)
June 18 2019 - 3:00AM
UK Regulatory
TIDMAHT
RNS Number : 5135C
Ashtead Group PLC
18 June 2019
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR
INVITATION TO PURCHASE ANY SECURITIES IN ANY JURISDICTION OR A
SOLICITATION OF ANY VOTE OR APPROVAL.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR
INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
ASHTEAD GROUP PLC - PURCHASES OF SHARES
Ashtead Group plc (the "Company") announces that it has entered
into an arrangement with Barclays Bank PLC, acting through its
Investment Bank ("Barclays"). The arrangement allows Barclays to
purchase, together with any other ordinary shares in the Company
(the "Shares") purchased on the Company's behalf pursuant to its
buyback programme, up to (a) prior to the expiration of the
Company's current buyback authority granted by shareholder
resolution dated 11 September 2018, 73,222,598 Shares; and (b)
following such expiration, the aggregate number of Shares
authorised to be purchased by the Company under any subsequent
buyback authority granted during the arrangement (which in any
event shall be less than 15% of the relevant class of the Company's
equity shares at the date of such authority) during the period
commencing the date hereof and 15 June 2020. These share purchases
will be made on the Company's behalf and in accordance with the
arrangement and, in the case of any purchases made during closed
periods, shall be made independently of and uninfluenced by the
Company.
Any share purchases effected pursuant to the arrangement will be
subject to the terms of the arrangement with Barclays and in any
case will be effected in a manner consistent with both the general
authority vested in the Company to repurchase shares and Chapter 12
of the United Kingdom Listing Rules, which require that the maximum
price paid be limited to be no more than the lower of (i) 105 per
cent of the average middle market closing price of the Company's
ordinary shares for the five business days before the purchase is
made, and (ii) the higher of the price of the last independent
trade and the highest current independent bid on the trading venue
where the purchase is carried out. The aggregate purchase price
under this arrangement, together with any other Shares purchased on
the Company's behalf pursuant to its buyback programme, will not
exceed GBP1,000,000,000.
As set out in the Company's FY2019 results announcement today,
the Company expects to spend at least GBP500,000,000 on share
buybacks in 2019/20 pursuant to its buyback programme.
The sole purpose of these share purchases is to reduce the
Company's share capital.
Further information on the Company can be found on our Internet
site: www.ashtead-group.com.
IMPORTANT NOTICE
Barclays, which is authorised by the Prudential Regulation
Authority and regulated in the United Kingdom by the Financial
Conduct Authority and the Prudential Regulation Authority, is
acting exclusively for the Company and no one else in connection
with the buyback programme and will not be responsible to anyone
other than the Company for providing the protections afforded to
clients of Barclays nor for providing advice in relation to the
buyback programme or any other matter referred to in this
announcement.
Contacts:
Director of Investor +44 (0)20 7726
Will Shaw Relations 9700
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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