THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU) 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
THIS ANNOUNCEMENT IS FOR INFORMATION
PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER FOR SALE OF ANY
SECURITIES OR AN OFFER OR INVITATION TO PURCHASE ANY SECURITIES IN
ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR APPROVAL.
NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
ASHTEAD GROUP PLC - PURCHASES OF SHARES
Ashtead Group plc (the “Company”) announces that it has
entered into an arrangement with Barclays Bank PLC, acting through
its Investment Bank (“Barclays”). The arrangement allows
Barclays to purchase, together with any other ordinary shares in
the Company (the “Shares”) purchased on the Company’s behalf
pursuant to its buyback programme, up to: (a) prior to the
expiration of the Company’s current buyback authority granted by
shareholder resolution dated 12 September
2017, 74,833,934 Shares; and (b) following such expiration,
the aggregate number of Shares authorised to be purchased by the
Company under any subsequent buyback authority granted during the
arrangement (which in any event shall be less than 15% of the
relevant class of the Company’s equity shares at the date of such
authority) during the period commencing the date hereof and
17 June 2019. These share purchases
will be made on the Company's behalf and in accordance with the
arrangement and, in the case of any purchases made during closed
periods, shall be made independently of and uninfluenced by the
Company.
Any share purchases effected pursuant to the arrangement will be
subject to the terms of the arrangement with Barclays and in any
case will be effected in a manner consistent with both the general
authority vested in the Company to repurchase shares and Chapter 12
of the United Kingdom Listing Rules, which require that the maximum
price paid be limited to be no more than the higher of (i) 105 per
cent of the average middle market closing price of the Company's
ordinary shares for the five business days before the purchase is
made and (ii) the higher of the price of the last independent trade
and the highest current independent bid on the trading venue where
the purchase is carried out. The aggregate purchase price under
this arrangement, together with any other Shares purchased on the
Company’s behalf pursuant to its buyback programme, will not exceed
£1 billion.
The sole purpose of these share purchases is to reduce the
Company’s share capital.
Further information on the Company can be found on our Internet
site: www.ashtead-group.com
IMPORTANT NOTICE
Barclays, which is authorised by the Prudential Regulation
Authority and regulated in the United
Kingdom by the Financial Conduct Authority and the
Prudential Regulation Authority, is acting exclusively for the
Company and no one else in connection with the buyback programme
and will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Barclays nor for
providing advice in relation to the buyback programme or any other
matter referred to in this announcement.