WH Smith PLC WH SMITH PLC PURCHASE OF SHARES - CLOSED PERIOD (8409J)
December 07 2018 - 11:45AM
UK Regulatory
TIDMSMWH
RNS Number : 8409J
WH Smith PLC
07 December 2018
WH SMITH PLC PURCHASES OF SHARES DURING CLOSED PERIOD
WH Smith PLC (the "Company") announces that it has entered into
an arrangement with J.P. Morgan Securities plc, acting through its
UK investment bank ("J.P. Morgan Cazenove"). The arrangement allows
J.P. Morgan Cazenove to purchase, together with any other ordinary
shares in the Company (the "Shares") purchased on the Company's
behalf pursuant to its buyback programme, ordinary shares in the
Company up to GBP5,000,000. The buy-back will occur during its
closed period commencing on 02 January 2019 and ending on 22
January 2019. The Company has entered into an agreement with J.P.
Morgan Cazenove under which it has issued an irrevocable
instruction to J.P. Morgan Cazenove to manage the share buyback
programme. J.P. Morgan Cazenove will carry out the instruction
through the acquisition of ordinary shares in the Company for
subsequent repurchase by the Company.
Any share purchases effected pursuant to the arrangement will be
subject to the terms of the arrangement with J.P. Morgan Cazenove
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
higher 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 sole
purpose of these share purchases is to reduce the Company's share
capital.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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