Character Group PLC Update - share buyback programme (0868E)
05 July 2021 - 4:01PM
UK Regulatory
TIDMCCT
RNS Number : 0868E
Character Group PLC
05 July 2021
LONDON : Monday, 5 July 2021
THE CHARACTER GROUP PLC
("Company" or "Group")
Designers, developers and international distributor of toys,
games and giftware
Update - share buyback programme
In the Group's interim statement made on 29 April 2021, the
Company announced its intention to pursue a new share buyback
initiative . By way of an update on this position, the Board
confirms that t he plans to implement this initiative have been in
formulation since that time and it is now anticipated that a tender
offer (the "Tender Offer"), seeking to purchase issued ordinary
shares of 5 pence each in the Company ("Ordinary Shares"), will be
made by the Company in September 2021.
The Company was granted an authority to buyback issued Ordinary
Shares at its Annual General Meeting of the Company held on 22
January 2021 (the "Authority"), which incorporates an authority to
effect buybacks by means of tender offers. Prior to the date of
this announcement, the Company has not effected any share buybacks
pursuant to the Authority and currently has a capacity under the
Authority to buyback up to 3,200,000 issued Ordinary Shares
(constituting approximately 15% of the current, issued, voting
share capital of the Company).
The intention to make the Tender Offer demonstrates that the
Company remains committed to its previously stated objective to
enhance shareholder value. The implementation of the Tender Offer
will be consistent with the Group's approach to capital allocation,
reflects the Group's strong ongoing cash generation and will
provide a mechanism to return excess capital to shareholders.
A further update on the position with the Tender Offer,
including details of the pricing and exact timing, will be issued
shortly prior to the Tender Offer formally being made.
The Character Group plc
FTSE sector : leisure goods:
FTSE AIM All-share: symbol: CCT.L
Market cap : GBP147m
Email: info@charactergroup.plc.uk
Group website: www.thecharacter.com
Product ranges can also be viewed at www.character-online.co.uk
Enquiries to:
The Character Group plc
Jon Diver, Joint Managing Director
Kiran Shah, Joint Managing Director & Group Finance Director
Office: +44 (0) 208 329 3377
Mobile: +44 (0) 7831 802219 (JD)
Mobile: +44 (0) 7956 278522 (KS)
Panmure Gordon (Nominated Adviser and Joint Broker)
Atholl Tweedie, Investment Banking
Charles Leigh-Pemberton, Corporate Broking
Rupert Dearden, Corporate Broking
Tel: +44 (0) 20 7886 2500
Allenby Capital Limited (Joint Broker)
Nick Athanas, Corporate Finance
Amrit Nahal, Sales & Corporate Broking
Tel: +44 (0) 20 3328 5656
TooleyStreet Communications Limited (Investor and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
Email: fiona@tooleystreet.com
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