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Share repurchase programme

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By LSE RNS

RNS Number : 0570A
Inchcape PLC
23 May 2019
 

Inchcape plc - Share repurchase programme

Inchcape plc (the Company) announces that, as set out in its trading update published this morning, it is commencing a share buyback programme (the Programme) to purchase shares with a value of up to £100 million subject to remaining within the AGM authority (the AGM authority is for a maximum of 41,512,745 shares) during the period starting on 24 May 2019 and ending no later than 31 December 2019 (the Engagement Period) the sole purpose of which is to reduce the capital of the Company. 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 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.

 


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