Vertu Motors PLC Share Buyback Programme (5255R)
November 05 2021 - 7:52AM
UK Regulatory
TIDMVTU
RNS Number : 5255R
Vertu Motors PLC
05 November 2021
5 November 2021
Vertu Motors plc
("Vertu Motors" or the "Company")
Share buyback programme
Following the success of the GBP3m buyback programme announced
in August 2021, which has so far resulted in the purchase and
cancellation of 4,739,240 ordinary shares of 10p each ("Ordinary
Shares") at a total cost of GBP2,756,218, the Company announces
that, following the remaining balance of GBP243,782 being utilised,
it intends to commence a further share buyback programme (the
"Buyback Programme").
Under the Buyback Programme, the Company will seek to buy back
its Ordinary Shares using the Company's existing cash resources for
a further amount up to GBP3.0 million, between the end of the
August programme and 28 February 2022. The debt capacity of the
Company and positive cash flow is such that we will continue to
consider acquisition and investment opportunities as part of the
pursuit of the ongoing growth of the business.
The Company will seek to buy back its Ordinary Shares at
appropriate times and considers, at the present time, the Buyback
Programme to be in the best interests of all shareholders.
The Company has entered into an agreement for its broker Zeus
Capital Limited ("Zeus Capital") to carry out purchases of its
Ordinary Shares under the Buyback Programme on its behalf. Zeus
Capital will seek to purchase Ordinary Shares up to the value of
GBP3.0 million (the "Maximum Amount"). The total maximum number of
Ordinary Shares to be purchased is capped at 30 million, based upon
the nominal value of the Company's Ordinary Shares.
The share repurchases will be carried out on the London Stock
Exchange and will be effected within certain pre-set parameters and
in accordance with the Company's general authority to purchase its
Ordinary Shares granted by its shareholders. Share repurchases will
be undertaken until the earlier of the Maximum Amount being
repurchased and 28 February 2022. Any Ordinary Shares repurchased
will be cancelled.
The Company will make further announcements in due course
following the completion of any share repurchases.
The Buyback Programme, the purpose of which is to reduce the
Ordinary Share capital of the Company, will also be effected within
the parameters of the Market Abuse Regulation 596/2014/EU and the
Commission Delegated Regulation 2016/1052/EU, each as incorporated
into UK domestic law by the European Union (Withdrawal) Act
2018.
- Ends -
For further information please contact:
Vertu Motors plc Tel: 0191 491 2121
Robert Forrester, CEO
Karen Anderson, CFO
Zeus Capital Limited Tel: 020 3829 5000
Jamie Peel
Andrew Jones
Dominic King
Camarco Tel: 020 3757 4983
Billy Clegg
Tom Huddart
Notes to Editors
Vertu Motors is the fifth largest automotive retailer in the UK
with a network of 154 sales outlets across the UK. Its dealerships
operate predominantly under the Bristol Street Motors, Vertu and
Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy
to consolidate the UK motor retail sector. It is intended that the
Group will continue to acquire motor retail operations to grow a
scaled dealership group. The Group's acquisition strategy is
supplemented by a focused organic growth strategy to drive
operational efficiencies through its national dealership network.
The Group currently operates 150 franchised sales outlets and 4
non-franchised sales operations from 118 locations across the
UK.
Vertu's Mission Statement is to "deliver an outstanding customer
motoring experience through honesty and trust".
Vertu Motors Group websites - investors.vertumotors.com /
www.vertucareers.com
Vertu brand websites - www.vertumotors.com /
www.bristolstreet.co.uk / www.macklinmotors.co.uk /
www.vertumotorcycles.com
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