InterContinental Hotels Group PLC Share Buyback Programme (5029Q)
February 21 2023 - 2:01AM
UK Regulatory
TIDMIHG
RNS Number : 5029Q
InterContinental Hotels Group PLC
21 February 2023
21 February 2023
InterContinental Hotels Group PLC (the "Company")
Purchase of own shares
The Company announces that it will commence a share buyback
programme to purchase ordinary shares of 20 (340/399) pence each in
the Company ("Shares") with aggregate value of up to USD 750
million (the "Programme") in line with its strategy to return
surplus capital to shareholders.
In connection with the Programme, the Company has entered into
an agreement with Goldman Sachs International ("GSI") in relation
to the purchase by GSI, acting as principal and in accordance with
certain pre-set parameters, of Shares. Under this agreement, the
Company has instructed GSI to purchase Shares with value of up to
USD 750 million. Purchases of the Company's Shares pursuant to the
Programme will commence immediately and will end no later than 29
December 2023. GSI will make trading decisions in relation to the
Programme independently of, and uninfluenced by, the Company with
regard to the timing of the purchases. Any purchase of Shares by
GSI contemplated by this announcement will be carried out on the
London Stock Exchange, Cboe Europe Limited through the BXE and CXE
order books and/or on Turquoise. Shares purchased by GSI will be
on-sold by GSI to the Company, and any purchases of Shares by the
Company from GSI under the Programme will be carried out on the
London Stock Exchange.
The purpose of the Programme is to reduce the issued share
capital and the Shares purchased will be cancelled.
Any purchases under the Programme shall take place in accordance
with (and subject to the limits prescribed by) the Company's
general authority to repurchase Shares granted by its shareholders
at the Annual General Meeting on 6 May 2022 (the "2022 Authority")
and any further authority to repurchase Shares as may be granted by
its shareholders from time to time and Chapter 12 of the Financial
Conduct Authority's Listing Rules. The maximum number of Shares
that the Company is authorised to purchase under the 2022 Authority
is 9,103,637 (taking into account Shares purchased by the Company
prior to 21 February 2023). Purchases of Shares by GSI under the
Programme shall take place in accordance with the Market Abuse
Regulation (EU) No 596/2014 (as in force in the UK and as amended
by the Market Abuse (Amendment) (EU Exit) Regulations 2019) and the
Commission Delegated Regulation (EU) No 2016/1052 (as in force in
the UK and as amended by the FCA's Technical Standards (Market
Abuse Regulation) (EU Exit) Instrument 2019).
The Company will make further regulatory announcements to
shareholders in respect of purchases of Shares under the Programme
as they occur.
For further information, please contact:
Investor Relations: Stuart Ford (+44 (0)7823 828 739);
Aleksandar Milenkovic (+44 (0)7469 905 720);
Joe Simpson (+44 (0)7976 862 072)
Media Relations: Amy Shields (+44 (0)7881 035 550); Claire Scicluna (+44 (0)7776 778 808)
About IHG Hotels & Resorts:
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a global
hospitality company, with a purpose to provide True Hospitality for
Good.
With a family of 18 hotel brands and IHG One Rewards , one of
the world's largest hotel loyalty programmes, IHG has over 6,000
open hotels in over 100 countries, and more than 1,800 in the
development pipeline.
-- Luxury & Lifestyle: Six Senses Hotels Resorts Spas ,
Regent Hotels & Resorts , InterContinental Hotels & Resorts
, Vignette Collection , Kimpton Hotels & Restaurants , Hotel
Indigo
-- Premium: voco hotels , HUALUXE Hotels & Resorts , Crowne
Plaza Hotels & Resorts , EVEN Hotels
-- Essentials: Holiday Inn Hotels & Resorts , Holiday Inn Express , avid hotels
-- Suites: Atwell Suites , Staybridge Suites , Holiday Inn Club Vacations , Candlewood Suites
-- Exclusive Partners: Iberostar Beachfront Resorts
InterContinental Hotels Group PLC is the Group's holding company
and is incorporated and registered in England and Wales.
Approximately 325,000 people work across IHG's hotels and corporate
offices globally.
Visit us online for more about our hotels and reservations and
IHG One Rewards . To download the new IHG One Rewards app, visit
the Apple App or Google Play stores.
For our latest news, visit our Newsroom and follow us on
LinkedIn , Facebook and Twitter .
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