OSB GROUP PLC Share Repurchase Programme
March 14 2024 - 3:05AM
UK Regulatory
OSB GROUP PLC Share Repurchase Programme
LEI: 213800ZBKL9BHSL2K459
OSB GROUP PLC
(the Company or OSB Group)
Share repurchase programme
OSB Group announces that, as outlined in the
announcement of its 2023 Full Year Results on 14 March 2024, it
intends to commence, on 15 March 2024, a share repurchase programme
to return up to £50 million to shareholders (the
Share Repurchase Programme). The
Share Repurchase Programme will help to deliver on OSB Group’s
stated intention to deliver attractive and sustainable returns to
shareholders across the cycle.
OSB Group has entered into a non-discretionary
agreement (the Agreement) with Jefferies
International Limited (Jefferies) to undertake the
Share Repurchase Programme on its behalf by making market
purchases, as riskless principal, of OSB Group’s ordinary shares of
one pence each (the Ordinary Shares) on the London
Stock Exchange or another recognised investment
exchange1. Jefferies shall make trading decisions under
the Share Repurchase Programme independently of OSB Group, subject
to certain parameters agreed between Jefferies and the Company
prior to the commencement of the Share Repurchase Programme and to
the Company’s right to terminate the Agreement in certain limited
circumstances.
Ordinary Shares acquired by Jefferies under the
Agreement will be sold on to OSB Group. It is the Company’s present
intention for such repurchased Ordinary Shares to be cancelled. The
purpose of the Share Repurchase Programme is therefore to reduce
OSB Group's share capital. The maximum number of Ordinary
Shares to be acquired under the Share Repurchase Programme is
43,024,375, as authorised by shareholders at the Company’s 2023
Annual General Meeting on 11 May 2023. The Share Repurchase
Programme is expected to complete no later than 5 September
2024.
Any purchase of OSB Group Ordinary Shares
contemplated by this announcement will be executed in accordance
with OSB Group's general authority to repurchase Ordinary Shares
granted by its shareholders at the 2023 Annual General Meeting on
11 May 2023, the Market Abuse Regulation 596/2014 and the
Commission Delegated Regulation (EU) 2016/1052 (both as
incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018), and Chapter 12 of the Financial Conduct
Authority's Listing Rules.
Any repurchase of Ordinary Shares will be
announced no later than 7.30 a.m. on the business day following the
calendar day on which the repurchase occurred.
1CBOE BXE; CBOE CXE and Aquis
Exchange.
Enquiries:
OSB GROUP PLC
Alastair Pate
Group Head of Investor Relations
t:
07714 181 864
Investor relations
Email: osbrelations@osb.co.uk
t:
01634 838 973
Brunswick
Robin Wrench/Simone Selzer
t:
020 7404 5959
Notes to Editors
About OSB GROUP PLC
OSB began trading as a bank on 1 February 2011
and was admitted to the main market of the London Stock Exchange in
June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4
October 2019, OSB acquired Charter Court Financial Services Group
plc (CCFS) and its subsidiary businesses. On 30 November 2020, OSB
GROUP PLC became the listed entity and holding company for the OSB
Group. OSB is a specialist lending and retail savings Group
authorised by the Prudential Regulation Authority, part of the Bank
of England, and regulated by the Financial Conduct Authority and
Prudential Regulation Authority. The Group reports under two
segments, OneSavings Bank and Charter Court Financial Services.
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