Motorpoint Group plc Share Buyback Programme (0287P)
08 October 2019 - 5:01PM
UK Regulatory
TIDMMOTR
RNS Number : 0287P
Motorpoint Group plc
08 October 2019
8 October 2019
Motorpoint Group PLC
("Motorpoint" or the "Company")
Share Buyback Programme
Motorpoint Group PLC is pleased to announce a new share buyback
programme, of up to GBP10 million (the "Programme").
The Programme replaces the Company's previous share buyback
programme of up to GBP10m which was announced on 7 May 2019 and
which has now completed. The Company still has shareholder
authority to repurchase 6,240,989 Ordinary Shares as approved at
its last AGM (being the balance of the 9,511,989 Ordinary Shares
within the buyback authority). Given the continuing strong cash
generation of the Company, the Board has decided to launch a new
Programme for up to GBP10m.
The maximum daily number of ordinary shares that will be
purchased is 178,000 shares, which is less than 25% of the average
daily volume traded in September 2019, the month prior to this
announcement. The Programme is currently expected to end no later
than the date of the Company's 2020 annual general meeting. The
principal purpose of the Programme is to reduce the share capital
of the Company and return funds to shareholders who sell their
Ordinary Shares; repurchased Ordinary Shares will typically be
cancelled, although the Programme allows for Ordinary Shares to be
held in treasury at the Company's discretion to help satisfy
employee share plan obligations.
In order to effect the Programme, Motorpoint has entered into an
agreement with the Company's joint broker, Shore Capital
Stockbrokers Limited ("Shore Capital"), to carry out on-market
purchases of its Ordinary Shares. This agreement includes
provisions giving Shore Capital authority to carry out market
purchases under the Programme independently of the Company.
The Programme will be conducted in compliance with the Market
Abuse Regulation (EU) No. 596/2014, Commission Delegated Regulation
(EU) No. 2016/1052 and Chapter 12 of the Financial Conduct
Authority's Listing Rules. Details of all purchases made pursuant
to the Programme will be announced via RNS and published on the
Company's website as required by the Market Abuse Regulation.
Enquiries:
Motorpoint Group PLC via FTI Consulting
Mark Carpenter, Chief Executive
Officer
James Gilmour, Chief Financial
Officer
Manjit Virk, Company Secretary
FTI Consulting (Financial PR)
Jonathon Brill
Alex Beagley
James Styles
Sam Macpherson 020 3727 1000
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
Notes to editors
Motorpoint is the largest independent vehicle retailer in the
United Kingdom. The Group's principal business is the sale of
nearly-new vehicles, the majority of which are up to two years old
and which have covered less than 15,000 miles. Motorpoint sells
vehicles from brands representing over 95 per cent of new vehicle
sales in the United Kingdom, with models from Ford, Vauxhall,
Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top
sellers. The Group operates from 12 retail sites across the United
Kingdom; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford,
Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield of
which five have opened in the last five years; together with a
national contact-centre dealing with online enquiries.
More information is available at www.motorpointplc.com and
www.motorpoint.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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