Vistry Group PLC Commencement of GBP35m share buyback (9819M)
May 27 2022 - 2:00AM
UK Regulatory
TIDMVTY
RNS Number : 9819M
Vistry Group PLC
27 May 2022
27 May 2022
Vistry Group PLC
Commencement of GBP35m share buyback
Vistry Group PLC (the "Group") announces that it is commencing a
share buyback programme (the "Programme") to repurchase up to
GBP35m of ordinary shares of 50 pence each in the capital of the
Company ("Ordinary Shares").
As highlighted in the trading update on 18 May 2022, the Group
has experienced a strong start to the year and expects margins in
both Housebuilding and Partnerships in 2022 to be ahead of our
previous 2022 targets, with adjusted profit before tax to be at the
top end of market forecasts at the time of the announcement. The
Group also expects month-end average net debt for 2022 to be lower
than the Group's previous target of c. GBP100m.
With balance sheet strength, the priority remains investing in
the business to support the Group's growth strategy. The
Housebuilding business remains focused on controlled volume growth,
driving margins and return on capital employed, while Partnerships
continues to drive rapid growth in its higher margin mixed tenure
revenues.
In 2021, the Board accelerated the dividend pay out to a two
times cover reflecting the strength of the balance sheet and its
confidence in the Group's unique market position. The Group stated
that surplus capital, following investment in the business to
support the Group's growth strategy and the payment of the ordinary
dividend, would be returned to the Group's shareholders. Consistent
with this capital allocation policy, the Board considers that it is
returning a prudent level of cash to shareholders, which reflects
the robust trading of the Group, while also retaining a strong
balance sheet.
The purpose of the Programme is to return surplus capital to
shareholders and reduce the share capital of the Company, and it is
expected that the Programme will enhance earnings per share. The
aggregate purchase price of all Ordinary Shares acquired under the
Programme will be no more than GBP35 million (excluding stamp duty
and expenses). Up to 1,500,000 Ordinary Shares purchased under the
Programme will be held in Treasury and the remaining shares that
are purchased will be cancelled.
The Company has appointed its joint broker Numis Securities
Limited ("Numis") to manage the Programme of up to a maximum
aggregate consideration of GBP35m and subject to certain other
parameters.
Share purchases will take place in open market transactions and
may be made from time to time depending on market conditions, share
price and trading volume. Purchases of the Company's shares under
the Programme will commence from 27 May 2022 and end no later than
31 December 2022.The Programme is in accordance with Vistry's
general authority to purchase a maximum of 22,230,626 Ordinary
Shares, granted by its shareholders at the Annual General Meeting
held on 18 May 2022. The Programme will be effected within the
parameters of the Market Abuse Regulation 596/2014/EU and the
Commission Delegated Regulation 2016/1052/EU (as in force in the UK
from time to time, including where relevant pursuant to the Market
Abuse (Amendment) (EU Exit) Regulations 2019). The Group confirms
that it currently has no other unpublished price sensitive
information.
For further information:
Vistry Group PLC
Earl Sibley, Chief Financial Officer
Susie Bell, Head of Investor Relations 01675 437160
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