Countryside Properties PLC Share buyback programme (3626G)
July 26 2021 - 2:00AM
UK Regulatory
TIDMCSP
RNS Number : 3626G
Countryside Properties PLC
26 July 2021
26 July 2021
Countryside Properties PLC
Share buyback programme
On 7 July 2021, Countryside Properties PLC (the "Company")
announced its intention to return surplus cash of at least GBP450
million to shareholders via on-market purchases of ordinary shares
in the capital of the Company.
Today, the Company is pleased to announce that it will commence
the initial tranche of the buyback programme (the "Initial
Programme"). The maximum amount allocated to the Initial Programme
is GBP52 million for a period commencing today and ending no later
than 5 November 2021. Any further tranches of the buyback
programme, which may be conducted after completion of the Initial
Programme, will be announced in due course.
The maximum number of ordinary shares that can be acquired by
the Company pursuant to the Initial Programme shall not exceed
23,000,000. The purpose of the Initial Programme is to reduce the
capital of the Company.
The Company has entered into a non-discretionary and irrevocable
arrangement with Barclays Capital Securities Limited ("Barclays")
to conduct the Initial Programme on its behalf. Under this
arrangement, Barclays, an independent third party, will act as
principal and will make decisions under the Initial Programme
independently from the Company.
The Company's shareholders generally authorised the Company to
purchase up to a maximum of 52,462,687 of its ordinary shares at
the Annual General Meeting held on 5 February 2021. Pursuant to
such authority, the Company is authorised to purchase shares until
the conclusion of its 2022 Annual General Meeting (the "2022 AGM")
or, if earlier, the close of business on 31 March 2022. The Company
anticipates that it will request a similar general authority from
shareholders at the 2022 AGM.
Any purchases of shares by the Company in relation to the
Initial Programme will be carried out on the London Stock Exchange
and in accordance with (and subject to the limits prescribed by)
the Company's general authority to repurchase shares granted by its
shareholders, the Market Abuse Regulation 596/2014 (as it forms
part of UK law pursuant to the European Union (Withdrawal) Act
2018) and Chapter 12 of the Financial Conduct Authority's Listing
Rules.
For further information please contact
Enquiries:
Countryside Properties plc Tel: +44 (0) 1277 260 000
Iain McPherson - Group Chief Executive
Mike Scott - Group Chief Financial Officer
Victoria Prior - Managing Director, Corporate Affairs
Brunswick Group LLP Tel: +44 (0) 20 7404 5959
Nina Coad
Robin Wrench
Note to editors:
Countryside is the market leader in the delivery of high quality
mixed-tenure communities in partnership with housing associations,
public bodies and institutional private rental operators, with a
strong focus on placemaking and regeneration.
Countryside's differentiated Partnerships business model:
-- Mixed tenure developments, including affordable homes, homes
available for institutional private rental and available for
private for sale.
-- Over 40 years track record of collaborative working with
partners in public and private sectors
-- Over 60% of developments on regeneration or brownfield sites.
-- Increasing use of Modern Methods of Construction, with a
target of 50% of all homes to be built using our in-house
manufacturing facilities by 2025.
-- Place-making at the heart of everything we do - designing
places people love, helping to build successful communities.
Committed to high quality design, construction and management,
creating a positive legacy for future generations.
For more information see www.countrysideproperties.com or follow
@CountrysideProp on Twitter
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