Bank of Georgia Group PLC BOGG PLC announces GEL 73.4 million buyback
22 August 2024 - 4:00PM
RNS Regulatory News
RNS Number : 3353B
Bank of Georgia Group PLC
22 August 2024
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London, 22 August
2024
Bank of
Georgia Group PLC announces GEL 73.4 million buyback
programme
Bank of Georgia Group PLC (the
"Company" or the
"Group") announces today
that its Board of Directors (the "Board") has approved a GEL 73.4
million buyback and cancellation programme (the "Programme"). The Programme
is consistent with the Group's capital distribution policy to
target a dividend/share buyback payout ratio in the range of 30-50%
of annual profits.
The programme will commence shortly
and end no later than the Company's Annual General
Meeting 2025 (expected to be in May 2025) and the shares will
be purchased in the open market. The purpose of the buyback is to
reduce the Group's share capital, and the cancellation of the
treasury shares repurchased will be executed on a monthly basis.
The Programme will be conducted within certain pre-set parameters,
and in accordance with the general authority to repurchase shares
granted at the 2024 Annual General Meeting, Chapter 9 of the FCA UK
Listing Rules, and the provisions of the Market Abuse Regulation
596/2014/EU and of the Commission Delegated Regulation (EU)
2016/1052 (as they form part of UK domestic law). The
maximum number of shares that may be repurchased under the
programme is 4,336,154. The Company has appointed Cavendish Capital
Markets Limited ("Cavendish") to manage the Programme.
During any closed periods the Company and its directors have no
power to invoke any changes to the Programme and it will be
executed at the sole discretion of Cavendish.
The Company will make further
announcements in due course following the completion of any share
repurchases.
Name of authorised official of
issuer responsible for making notification: Nini Arshakuni, Head of
Investor Relations
About Bank of Georgia Group PLC
Bank of Georgia Group PLC (LSE: BGEO
LN) is a FTSE 250 holding company whose subsidiaries provide
banking and financial services focused in the high-growth Georgian
and Armenian markets through leading, customer-centric, universal
banks - Bank of Georgia in Georgia and Ameriabank in Armenia. By
building on our competitive strengths, we are committed to driving
business growth, sustaining high profitability, and generating
strong returns, while creating opportunities for our stakeholders
and making a positive contribution in the communities where we
operate.
Legal Entity Identifier:
213800XKDG12NQG8VC53
For
further information, please visit www.bankofgeorgiagroup.com
or
contact:
Michael Oliver
|
Nini Arshakuni
|
Adviser to the CEO
|
Head of Investor
Relations
|
+44 203 178 4034
|
+995 322 444 444 (7515)
|
moliver@bgeo.com
|
ir@bgeo.com
|
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the solicitation of an offer to buy any
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