Georgia Capital PLC US$ 5 million increase to the buyback programme (0186Z)
20 January 2022 - 6:00PM
UK Regulatory
TIDMCGEO
RNS Number : 0186Z
Georgia Capital PLC
20 January 2022
London, 20 January 2022
US$ 5 million increase to the existing buyback programme
Georgia Capital PLC (the "Company" or "Georgia Capital")
announces today that its board of directors (the "Board") has
approved an increase in the current US$ 10 million share buyback
and cancellation programme of an additional US$ 5 million. Since
the commencement of the buyback programme in August 2021, 1,058,582
shares with the total value of US$ 9,166,650 have been repurchased,
of which 823,582 shares have been cancelled. The programme
continues for the 12-month period beginning 10 August 2021 and the
shares continue to be purchased in the open market. The purpose of
buyback is to reduce the share capital and the cancellation of the
treasury shares is executed on a monthly basis.
In accordance with the authority granted by the shareholders at
the 2021 annual general meeting ("AGM"), the maximum number of
shares that may be repurchased is 7,180,777. The programme is
conducted within certain pre-set parameters, and in accordance with
the general authority to repurchase shares granted at the 2021 AGM,
Chapter 12 of the FCA Listing Rules and the provisions of the
Market Abuse Regulation 596/2014/EU and the Commission Delegated
Regulation (EU) 2016/1052 (also as in force in the UK, from time to
time, including, where relevant, pursuant to the UK's Market Abuse
(Amendment) (EU Exit) Regulations 2019).
The Company has appointed Numis Securities Limited ("Numis") to
manage an irrevocable, non--discretionary share buyback programme
until the end of the programme on 9 August 2022. During closed
periods the Company and its directors have no power to invoke any
changes to the programme and it is being executed at the sole
discretion of Numis.
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: Giorgi Alpaidze, Chief Financial Officer
About Georgia Capital PLC
Georgia Capital is a platform for buying, building and
developing businesses in Georgia with holdings in sectors that are
expected to benefit from the continued growth and further
diversification of the Georgian economy. The Group's focus is
typically on larger-scale investment opportunities in Georgia,
which have the potential to reach at least GEL 0.5 billion equity
value over 3-5 years from the initial investment and to monetise
them through exits, as investments mature. Georgia Capital
currently has the following portfolio businesses: (i) a healthcare
services business; (ii) a water utility business; (iii) a retail
(pharmacy) business, (iv) an insurance business (P&C and
medical insurance); (v) a renewable energy business (hydro and wind
assets) and (vi) an education business; Georgia Capital also holds
other small private businesses across different industries in
Georgia and a 19.9% equity stake in LSE premium-listed Bank of
Georgia Group PLC ("BoG"), a leading universal bank in Georgia.
JSC Georgia Capital has, as of
the date hereof, the following
credit ratings:
S&P Global 'B'/FC & 'B'/LC
Moody's B2/CFR & B2/PDR
For further information, please visit www.georgiacapital.ge or
contact:
Irakli Gilauri Giorgi Alpaidze Michael Oliver Shalva Bukia
Chairman and Chief Executive Chief Financial Officer Adviser to the Chairman & CEO Head of Investor Relations
ir@gcap.ge +995 322 005 000 +44 203 178 4034 + 995 322 005 045
ir@gcap.ge ir@gcap.ge ir@gcap.ge
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