22
May 2024
Future plc
Share repurchase
programme
Future plc (the Company) (LSE: FUTR) the global
platform for intent-led specialist media, announces that, in
connection with the share buyback programme of up to £45 million
which it announced on 16 May 2024, it is commencing a share buyback
programme (the Programme)
to purchase shares with a value of up to £45 million subject to
remaining within the AGM authority (the FY2024 AGM authority is for
a maximum of 11,672,792 shares) during the period starting on 22
May 2024 and ending no later than the conclusion of the Company's
FY2025 Annual General Meeting or, if earlier, the close of business
on 8 May 2025 (the Engagement
Period), in order to reduce the Company's
capital.
The Company has entered into an
agreement with J.P. Morgan Securities plc (JPMS plc) under which it has issued an
irrevocable instruction to JPMS plc to manage the Programme. JPMS
plc will carry out the instruction through the acquisition of
ordinary shares (Shares) in
the Company for subsequent repurchase by the Company. This
arrangement is in accordance with Chapter 12 of the UKLA Listing
Rules and the Company's general authority to repurchase
Shares.
JPMS plc may undertake transactions
in Shares (which may include sales and hedging activities, in
addition to purchases which may take place on any available trading
venue or on an over the counter basis) during the Engagement Period
in order to manage its market exposure under the Programme.
Disclosure of such transactions will not be made by JPMS plc as a
result of or as part of the Programme, but JPMS plc will continue
to make any disclosures it is otherwise legally required to
make.
Future will announce any market
repurchase of Shares no later than 7.30 a.m. on the business day
following the calendar day on which the repurchase
occurred.
The Board will keep the Programme
under review and continue to assess it against its capital
allocation priorities.
Enquiries:
David Bateson
General Counsel and Company
Secretary
Future plc
Tel: 01225 442244
Legal Entity Identifier (LEI):
213800K2581YRLEXV353
About Future
We are the platform for creating and
distributing trusted, specialist content, to build engaged and
valuable global communities. We operate c.230 brands in diversified
content verticals, with multiple market leading positions and three
core monetisation frameworks: advertising, eCommerce affiliate and
direct consumer monetisation (subscriptions and newstrade magazine
sale). Our content is published and distributed through a range of
formats including websites, email newsletters, videos, magazines
and live events. The successful execution of our strategy is
focused on three pillars: grow engaged audience, diversify and grow
revenue per user and optimise the portfolio.