18 April 2024
Vistry Group
PLC
Commencement of £100m share
buyback
Vistry Group PLC (the "Company" or
the "Group") today announces that it is
commencing the share buyback programme (the "Programme") to
repurchase up to £100m of ordinary shares of 50 pence each in the
capital of the Company ("Ordinary Shares") as previously announced
on 14 March 2024 with the 2023 Full Year results.
The Programme is expected to
commence today, 18 April 2024, and is expected to be completed no
later than 30 September 2024.
As announced with the 2023 Half Year
results, the Group intends to pursue a two times adjusted earnings
ordinary distribution cover in respect of a full financial year,
with such distributions made through either share buybacks or
dividends, the method to be determined by the Board considering all
relevant factors at the time.
The Company has entered into
discretionary arrangements with Numis Securities Ltd ("Deutsche
Numis"), Peel Hunt LLP ("Peel Hunt") and HSBC Bank plc ("HSBC")
(together the "Brokers") in relation to the purchase by the
Brokers, acting as principals, of the Ordinary Shares of the
Company. Deutsche Numis will conduct the first third of the
Programme followed by the next third conducted by HSBC and Peel
Hunt will conduct the final third.
The aggregate purchase price of all
Ordinary Shares acquired under the Programme will be no more than
£100 million (excluding stamp duty and expenses). To the
extent permitted, up to 250,000 Ordinary Shares purchased under the
Programme will be held in Treasury and the remaining shares that
are purchased will be cancelled.
Any purchases of Ordinary Shares
contemplated by this announcement will be carried out on the London
Stock Exchange and/or other recognised investment exchange(s). The
Programme is in accordance with the Company's general authority to
purchase a maximum of 34,571,674 Ordinary Shares, granted by its
shareholders at the Annual General Meeting held on 18 May 2023 and
the purpose of the Programme is to reduce the share capital of the
Company. The Programme will be effected within the parameters of
the Market Abuse Regulation 596/2014/EU and the Commission
Delegated Regulation 2016/1052/EU (as in force in the UK from time
to time, including where relevant pursuant to the Market Abuse
(Amendment) (EU Exit) Regulations 2019). The Group confirms that it
currently has no other unpublished price sensitive
information.
The Company will announce any market
repurchases of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred.
For further information please
contact:
Vistry Group PLC
Tim Lawlor, Chief Financial
Officer
Susie Bell, Group Investor Relations
Director
FTI
Consulting
Richard Mountain / Susanne
Yule
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07469 287335
020 3727 1340
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Cautionary statement regarding
forward-looking statements
Certain statements in this press
release are, or may be deemed to be, forward looking statements.
Forward looking statements involve evaluating a number of risks,
uncertainties or assumptions, many of which are beyond the Group's
control, that could cause actual results to differ materially from
those expressed or implied by those statements. Forward looking
statements regarding past trends, results or activities should not
be taken as representation that such trends, results or activities
will continue in the future. Undue reliance should not be placed on
forward looking statements. Forward looking statements speak only
as at the date of this document and the Group and its directors and
officers expressly disclaim any obligation or undertaking to
release any update of, or revisions to, any forward looking
statement herein.