London,
11 March 2025
US$ 25 million increase to
the existing share buyback and cancellation
programme
Georgia Capital PLC (the "Company"
or "Georgia Capital") announces today that its board of directors
(the "Board") has approved the increase to the current US$ 25
million share buyback and cancellation programme of an additional
US$ 25 million, which will be put in place immediately. The shares
will be purchased in the open market and the cancellation of the
treasury shares will be executed on a monthly basis. The purpose of
the buyback is to reduce the share capital. Under the buyback
programme, the maximum price paid per share will not exceed the
latest reported NAV per share amount.
The programme is consistent with the
Board's intention, announced on 17 May 2024, to make available at
least GEL 300 million for capital returns through the end of 2026.
The US$ 25 million increase to the existing share buyback and
cancellation programme brings the total amount allocated to share
buybacks under the GEL 300 million capital return package to GEL
251 million, of which, GEL 176 million has already been
utilised.
In accordance with the authority
granted by the shareholders at the 2024 annual general meeting
("AGM"), the maximum number of shares that may be repurchased is
1,873,253. The programme is conducted within certain pre-set
parameters, and in accordance with the general authority to
repurchase shares granted at the 2024 AGM, Chapter 12 of the FCA
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 programme will remain in effect
until the earlier of the Company's 2025 Annual General Meeting or
its expiration on 23 June 2025. In the event that the former
occurs, the Company will seek renewal of the general authority to
repurchase shares at the AGM and in following renewal of the
repurchase authorization, share buybacks will be carried out
pursuant to the authorization granted at the 2025 AGM until the end
of the programme on 23 June 2025.
The Company has appointed Numis
Securities Limited ("Deutsche Numis") to manage an irrevocable,
non‐discretionary share buyback programme until the end of the
programme. 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 Deutsche 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: Shalva Bukia, Head of
Investor Relations and Funding
About Georgia Capital PLC
Georgia Capital (LEI:
213800Q65T5GNBOW7H65) 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 Company's focus is typically on larger-scale
investment opportunities in Georgia, which have the potential to
reach at least GEL 300 million 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 retail (pharmacy) business, (ii) an
insurance business (P&C and medical insurance), (iii) a
hospitals business, (iv) a renewable energy business (hydro and
wind assets), (v) an education business and (vi) a clinics and
diagnostics business; Georgia Capital also holds other small
private businesses across different industries in Georgia; a 20%
equity stake in the water utility business and a 19.2% equity stake
(as at 31-Dec-24) in LSE listed Lion Finance Group PLC ("Lion
Finance Group" or the "Bank"), formerly known as "Bank of Georgia
Group PLC", the holding company of leading universal banks in
Georgia and Armenia.
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JSC
Georgia Capital has, as of the date hereof, the following credit
rating:
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S&P Global
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'BB-'/FC & 'BB-'/LC
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For further information, please visit
www.georgiacapital.ge
or
contact:
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Irakli Gilauri
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Giorgi Alpaidze
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Michael Oliver
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Shalva Bukia
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Chairman and Chief
Executive
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Chief Financial Officer
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Adviser to the Chairman &
CEO
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Head of Investor
Relations
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ir@gcap.ge
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+995 322 005 000
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+44 203 178 4034
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+ 995 322 005 045
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ir@gcap.ge
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ir@gcap.ge
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ir@gcap.ge
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This news report is presented for general informational
purposes only and should not be construed as an offer to sell or
the solicitation of an offer to buy any
securities.
