Vertu Motors PLC Share buyback programme (8528Y)
May 10 2023 - 2:01AM
UK Regulatory
TIDMVTU
RNS Number : 8528Y
Vertu Motors PLC
10 May 2023
10 May 2023
Vertu Motors plc
("Vertu Motors" or the "Company")
Share buyback programme
The Company announces that it has agreed a further GBP3 million
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 million. The debt capacity of the
Company, current net cash position and positive cash flow is such
that we will also continue to pay dividends and consider
acquisition and investment opportunities as part of its ongoing
capital allocation.
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. As and
when requested to do so by the Company, Zeus Capital will then seek
to purchase Ordinary Shares with total purchases over the programme
up to a maximum value of GBP3 million (the "Maximum Amount").
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. The total maximum
number of Ordinary Shares to be purchased under the Buyback
Programme is 30 million. Share repurchases may be undertaken until
the earlier of the Maximum Amount being repurchased and 22
September 2023. 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
Robert Forrester, CEO Tel: 0191 491 2121
Karen Anderson, CFO Tel: 0191 491 2121
Phil Clark, Investor relations PClark@vertumotors.com
Zeus Capital Limited
Jamie Peel Tel: 020 3829 5000
Andrew Jones
Dominic King
Camarco
Billy Clegg Tel: 020 3757 4983
Tom Huddart
Notes to Editors
Vertu Motors is the fourth largest automotive retailer in the UK
with a network of 189 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 185 franchised sales outlets and 4
non-franchised sales operations from 141 locations across the
UK.
Vertu's Mission Statement is to "deliver an outstanding customer
motoring experience through honesty and trust".
Vertu Motors Group websites - https://investors.vertumotors.com/
/ www.vertucareers.com
Vertu brand websites - www.vertumotors.com /
www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com
/ www.macklinmotors.co.uk / www.vertumotorcyles.com
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