WH Smith PLC PURCHASES OF SHARES DURING OPEN/CLOSED PERIODS (8526Y)
09 December 2017 - 12:33AM
UK Regulatory
TIDMSMWH
RNS Number : 8526Y
WH Smith PLC
08 December 2017
WH SMITH PLC - PURCHASES OF SHARES DURING OPEN/CLOSED
PERIODS
WH Smith PLC (the "Company") announces its intention to commence
a GBP25 million share buy-back programme (the "Programme"). The
Company announces today that it has instructed Barclays Bank PLC,
acting through its investment bank, to purchase its shares (acting
as principal) for immediate on-sale to the Company up to the value
of GBP25 million in aggregate, commencing from close of business on
8 December 2017.
The Company's shareholders at its Annual General Meeting held on
25 January 2017 generally authorised the Company to purchase up to
a maximum of 11,293,415 of its ordinary shares during the period
commencing on 25 January 2017 and ending on the conclusion of its
next Annual General Meeting to be held on 24 January 2018 ("2018
AGM"). The Company intends to request a similar general authority
from shareholders at the 2018 AGM and confirms that the Programme
will end no later than 28 February 2019. The aggregate number of
shares acquired by the Company pursuant to the Programme shall not
exceed the maximum number of shares which the Company is authorised
to purchase pursuant to such general authorities.
Any share purchases effected pursuant to the arrangement will be
subject to the terms of the arrangement with Barclays and in any
case will be effected in a manner consistent with both the general
authority vested in the Company to repurchase shares and Chapter 12
of the United Kingdom Listing Rules, which require that the maximum
price paid be limited to be no more than the higher of (i) 105 per
cent of the average middle market closing price of the Company's
ordinary shares for the five business days before the purchase is
made, and (ii) the higher of the price of the last independent
trade and the highest current independent bid on the trading venue
where the purchase is carried out. The aggregate purchase price
under this arrangement, together with any other Shares purchased on
the Company's behalf pursuant to its buyback programme, will not
exceed GBP25 million.
The sole purpose of these share purchases is to reduce the
Company's share capital.
Further information on the Company can be found on our Internet
site: www.whsmithplc.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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