Vectura Group plc Share buyback and cancellation (3799W)
November 14 2017 - 2:01AM
UK Regulatory
TIDMVEC
RNS Number : 3799W
Vectura Group plc
14 November 2017
Vectura Group plc
Commences Share Buyback and Cancellation Programme
Chippenham, UK - 14 November 2017: Vectura Group plc (LSE: VEC)
("Vectura", "the Group"), announces that the Board has approved a
share buyback to return up to GBP15 million of capital to
shareholders. A purchase for cancellation programme of Vectura
ordinary shares of GBP0.00025 each (the "Shares") will commence
today up to a maximum consideration of GBP15 million over the next
six months (the "Buyback").
The Group benefits from a strong capital position, with
substantial cash of GBP90.5 million as at 30 June 2017, and
multiple in-market drivers of long-term recurring revenue alongside
a broad pipeline with significant future value potential also
generating ongoing development service revenues from partnered
projects. The Board believes that in addition to the implementation
of the current investment strategy, the Buyback reflects strong
financial management discipline and is an efficient allocation of
capital.
Vectura has entered into an agreement with Numis Securities
Limited ("Numis") on 13 November 2017 to enable Numis to use the
maximum consideration of GBP15 million from today until a period
expiring on 11 May 2018 to purchase Shares in accordance with the
terms of the general authority to make market purchases of up to
67,872,000 of its Shares granted to Vectura by its shareholders at
the 2017 Annual General Meeting held on 25 May 2017. The purpose of
the Buyback is to reduce the share capital of Vectura and any
Shares purchased will be cancelled.
Numis will make its trading decisions in relation to the Buyback
independently of, and uninfluenced by, Vectura.
Any purchase of Shares pursuant to the agreement with Numis will
be carried out on the London Stock Exchange and executed in
accordance with Article 5(1) of Regulation (EU) No 596/2014, the
Commission Delegated Regulation (EU) 2016/1052 and Chapter 12 of
the Financial Conduct Authority's Listing Rules.
- Ends -
Enquiries
Vectura Group plc +44 (0)1249 667 700
Andrew Derodra - Chief Financial Officer
John Murphy - General Counsel and Company Secretary
Fleur Wood - Director Communications
Elizabeth Knowles - Director Investor Relations and Analysis
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Jessica Hodgson / Chris Welsh vectura@consilium-comms.com
Numis Securities Limited +44 (0) 20 7260 1000
Clare Terlouw
James Black
This information is provided by RNS
The company news service from the London Stock Exchange
END
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