PureTech Health PLC PRTC Share Buyback Programme Commences Purchases (6996K)
May 09 2022 - 1:10PM
UK Regulatory
TIDMPRTC
RNS Number : 6996K
PureTech Health PLC
09 May 2022
9 May 2022
PureTech Health plc
PureTech Announces Share Buyback Programme Update
PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the
"Company"), a clinical-stage biotherapeutics company dedicated to
discovering, developing and commercialising highly differentiated
medicines for devastating diseases, announces that, in connection
with the $50 million share buyback programme announced on 5 May
2022, it is now commencing purchases of the Company's ordinary
shares of one pence each ("Ordinary Shares") (the "Programme"). The
Programme will be carried out in tranches and is in line with the
Company's previously announced capital allocation strategy to
balance investment in the continued growth of its business with
potential returns of capital to shareholders.(1)
PureTech plans to execute the buyback in two tranches. In
respect of the first tranche, PureTech announces that it has
entered into an irrevocable non-discretionary instruction with
Jefferies International Limited ("Jefferies") in relation to the
purchase by Jefferies, acting as principal during the period
commencing on 9 May 2022 and ending on the earlier of exhaustion of
funds associated with the first tranche or 8 May 2023 (subject to
any regulatory objections or concerns), of Ordinary Shares for an
aggregate consideration (excluding expenses) of no greater than $25
million and the simultaneous on-sale of such Ordinary Shares by
Jefferies to PureTech. Jefferies will make its trading decisions in
relation to the Ordinary Shares independently of, and uninfluenced
by, the Company. Purchases may continue during any close period to
which the Company is subject. It is anticipated that the second
tranche, subject to a separate instruction, will commence promptly
on completion of the first tranche, subject to renewal of the
requisite authority at the 2022 AGM.
The maximum number of Ordinary Shares that can be purchased
under the first tranche of the Programme is 28,589,874 Ordinary
Shares (being the maximum number of shares the Company is
authorised to purchase pursuant to the authority granted by
shareholders at the Company's annual general meeting held on May
27, 2021).
The purpose of the Programme is to return capital to
shareholders in line with the Company's capital allocation strategy
and to enable the Company to meet obligations arising from employee
share option programmes, or other allocations of shares to
employees of the Company or to members of the administrative,
management or supervisory bodies of the Company, or an associate of
the Company. Any shares repurchased for this purpose will be held
in treasury.
Any purchase of Ordinary Shares under the first tranche of the
Programme will be carried out on the London Stock Exchange and any
other UK recognised investment exchange which may be agreed, in
accordance with pre-set parameters and in accordance with, and
subject to limits, including those limits related to daily volume
and price, prescribed by the Company's general authority to
repurchase Ordinary Shares granted by its shareholders at its most
recent annual general meeting on May 27, 2021, Chapter 12 of the
Financial Conduct Authority's UK Listing Rules, Article 5(1) of
Regulation (EU) No. 596/2014 (as incorporated into UK domestic law
by the European Union (Withdrawal) Act 2018) and Commission
Delegated Regulation (EU) 2016/1052 (as incorporated into UK
domestic law by the European Union (Withdrawal) Act 2018).
PureTech will announce any market repurchases of Ordinary Shares
no later than 7.30 a.m. BST on the business day following the
calendar day on which the repurchase occurred.
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated
to discovering, developing and commercialising highly
differentiated medicines for devastating diseases, including
inflammatory, fibrotic and immunological conditions, intractable
cancers, lymphatic and gastrointestinal diseases and neurological
and neuropsychological disorders, among others. The Company has
created a broad and deep pipeline through the expertise of its
experienced research and development team and its extensive network
of scientists, clinicians and industry leaders.
This pipeline, which is being advanced both internally and
through PureTech's Founded Entities, is comprised of 27
therapeutics and therapeutic candidates, including two that have
received both U.S. FDA clearance and European marketing
authorisation, as of the date of PureTech's most recently filed
Annual Report and corresponding Form 6-K. All of the underlying
programs and platforms that resulted in this pipeline of
therapeutic candidates were initially identified or discovered and
then advanced by the PureTech team through key validation points
based on unique insights in immunology and drug development.
For more information, visit www.puretechhealth.com or connect
with us on Twitter @puretechh.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are or may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements contained
in this press release that do not relate to matters of historical
fact should be considered forward-looking statements, including
those related to the Company's share buyback programme and any
future purchases of its ordinary shares thereunder. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks, uncertainties and other
important factors that could cause actual results, performance and
achievements to differ materially from current expectations,
including, but not limited to, those risks, uncertainties and other
important factors described under the caption "Risk Factors" in our
Annual Report on Form 20-F for the year ended December 31, 2021
filed with the SEC and in our other regulatory filings. These
forward-looking statements are based on assumptions regarding the
present and future business strategies of the Company and the
environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law and regulatory requirements, we
disclaim any obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
(1) As set out in its 2021 Annual Report and Accounts and
Announcement of Annual Results for the year ended December 31, 2021
published on April 26, 2022.
Contact:
PureTech
Public Relations
publicrelations@puretechhealth.com
Investor Relations
IR@puretechhealth.com
EU Media
Ben Atwell, Rob Winder
+44 (0) 20 3727 1000
ben.atwell@FTIconsulting.com
U.S. Media
Nichole Sarkis
+1 774 278 8273
nichole@tenbridgecommunications.com
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