Motorpoint Group plc Share Buyback Programme (6711X)
August 14 2018 - 2:00AM
UK Regulatory
TIDMMOTR
RNS Number : 6711X
Motorpoint Group plc
14 August 2018
14 August 2018
Motorpoint Group PLC
Share Buyback Programme
Motorpoint Group PLC ("Motorpoint" or the "Company") is today
pleased to announce a share buyback programme of up to GBP 5
million (the "Programme").
Purchases of ordinary shares pursuant to the Programme will fall
within the maximum of 9,980,402 ordinary shares that the Company
was authorised to purchase under the general authority granted by
shareholders at the Company's most recent annual general meeting
held on 24 July 2018, and all shares will be purchased within the
parameters as to price and daily volume specified in that
authority. The maximum daily number of shares that will be
purchased is 18,000 shares, which is less than 25% of July's
average daily volume traded, the month prior to this announcement.
The Programme is currently expected to end no later than the date
of the Company's 2019 Annual General Meeting. The purpose of the
Programme is to reduce the share capital of the Company and return
funds to shareholders who sell their shares; repurchased shares
will be cancelled.
In order to effect the Programme, Motorpoint has entered into an
agreement with the Company's joint broker, Shore Capital
Stockbrokers Limited ("Shore Capital"), to carry out on-market
purchases of its ordinary shares. This agreement includes
provisions giving Shore Capital authority to carry out market
purchases under the Programme independently of the Company.
The Programme will be conducted in compliance with the Market
Abuse Regulation (EU) No. 596/2014, Commission Delegated Regulation
(EU) No. 2016/1052 and Chapter 12 of the Financial Conduct
Authority's Listing Rules. Details of all purchases made pursuant
to the Programme will be announced via RNS and published on the
Company's website as required by the Market Abuse Regulation.
Enquiries:
Motorpoint Group PLC via FTI Consulting
Mark Carpenter, Chief Executive
Officer
James Gilmour, Chief Financial
Officer
FTI Consulting (Financial PR)
Jonathon Brill
Alex Beagley
James Styles 020 3727 1000
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
Notes to editors
Motorpoint is the largest independent vehicle retailer in the
United Kingdom. The Company's principal business is the sale of
nearly-new vehicles, the majority of which are up to two years old
and which have covered less than 15,000 miles. Motorpoint sells
vehicles from brands representing over 95 per cent. of new vehicle
sales in the United Kingdom, with models from Ford, Vauxhall,
Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top
sellers. The Group operates from 12 retail sites across the United
Kingdom; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford,
Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield, of
which four have opened in the last three years; together with a
national contact-centre dealing with online enquiries.
More information is available at www.motorpointplc.com and
www.motorpoint.co.uk.
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
POSLLFIDTEIVLIT
(END) Dow Jones Newswires
August 14, 2018 02:00 ET (06:00 GMT)
Motorpoint (LSE:MOTR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Motorpoint (LSE:MOTR)
Historical Stock Chart
From Apr 2023 to Apr 2024