TIDMVMUK TIDM91XR
RNS Number : 7497Q
Virgin Money UK PLC
30 June 2022
VIRGIN MONEY UK PLC
LEI: 213800ZK9VGCYYR6O495
30 June 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
VIRGIN MONEY UK PLC LAUNCHES SHARE BUYBACK PROGRAMME
Virgin Money UK PLC ("Virgin Money" or the "Company") today
announces a share buyback programme, with an initial repurchase of
up to GBP75 million in aggregate between its ordinary shares of
GBP0.10 each (the "Shares") listed on the London Stock Exchange and
CHESS Depositary Interests ("CDIs"), each representing one Share,
listed on the Australian Securities Exchange (the "Buyback").
Subject to trading liquidity, Virgin Money intends to repurchase
Shares and CDIs in approximately equal proportions. The Buyback is
expected to commence on 30 June 2022 and will end no later than 17
December 2022 .
David Duffy, Chief Executive Officer, said : "As Virgin Money
continues to deliver against its strategic objectives and maintain
a strong capital base, I am pleased to confirm the launch of our
inaugural share buyback programme. Buybacks will play a significant
role in the capital return policy we announced in May, as the
Company targets profitable growth and distributes excess capital.
Today's announcement marks an important step in that journey."
As the Company executes its strategy to improve statutory
profitability, drive growth, and enhance capital returns, the
buyback programme will play an important role in delivering value
for shareholders. Virgin Money set out its updated capital
framework and approach to shareholder distributions at its interim
results on 5 May 2022, outlining a 30% full year dividend pay-out,
supplemented with buybacks, subject to an ongoing assessment of
surplus capital, market conditions and regulatory approval.
Following Prudential Regulation Authority approval and with
continued robust levels of capital, today's buyback announcement
supplements the 2.5p interim dividend in line with our announced
framework.
The Company has entered into a non-discretionary arrangement
with Citigroup Global Markets Limited to purchase Shares as
riskless principal and to make trading decisions independently of
the Company. Any purchase of Shares pursuant to this engagement
will be carried out on the London Stock Exchange or other
recognised investment exchanges [1] . The Company has also entered
into a discretionary arrangement with Citigroup Global Markets
Australia Pty Limited (together with Citigroup Global Markets
Limited, the "Brokers") to purchase CDIs on the Australian
Securities Exchange on an agency basis during open periods. The
purpose of the Buyback is to reduce the Company's issued share
capital by returning surplus capital to shareholders. It is the
Company's present intention that the repurchased Shares and CDIs
(once transmuted into Shares) will be cancelled.
The Buyback will be effected in accordance with the scope of the
authority to repurchase ordinary shares conferred on the Company at
its February 2022 Annual General Meeting, Regulation (EU) No
596/2014 (the Market Abuse Regulation), the Commission Delegated
Regulation (EU) 2016/1052 (both form part of Retained EU Law as
defined in the European Union (Withdrawal) Act 2018) and Chapter 12
of the Listing Rules. The Buyback is subject to the continuing
approval of the Prudential Regulation Authority.
Announcement authorised for release by Lorna McMillan, Group
Company Secretary.
For further information, please contact:
Investors and Analysts
Richard Smith +44 7483 399 303
------------------------------------
Head of Investor Relations richard.smith@virginmoneyukplc.com
------------------------------------
Amil Nathwani +44 7702 100 398
------------------------------------
Senior Manager, Investor Relations amil.nathwani@virginmoneyukplc.com
------------------------------------
Martin Pollard +44 7894 814 195
------------------------------------
Senior Manager, Investor Relations martin.pollard@virginmoneyukplc.com
------------------------------------
Company Secretary
------------------------------------
Lorna McMillan 07834 585436
------------------------------------
Group Company Secretary lorna.mcmillan@virginmoneyukplc.com
------------------------------------
Media Relations
------------------------------------
Press Office 0800 066 5998
------------------------------------
press.office@virginmoneyukplc.com
------------------------------------
Forward looking statements
The information contained within this document is deemed by the
Group to constitute inside information as stipulated under the
Market Abuse Regulation No 596/2014. Upon the publication of this
document via Regulatory Information Service, this inside
information is now considered to be in the public domain.
The information in this announcement may include forward looking
statements, which are based on assumptions, expectations,
valuations, targets, estimates, forecasts and projections about
future events. These can be identified by the use of words such as
'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans',
'intends', 'prospects', 'outlooks', 'projects', 'forecasts'
'believes', 'estimates', 'potential', 'possible', and similar words
or phrases. These forward looking statements are subject to risks,
uncertainties and assumptions about the Company and its
subsidiaries (the "Group") and its securities, investments, and the
environment in which it operates, including, among other things,
the development of its business and strategy, any acquisitions,
combinations, disposals or other corporate activity undertaken by
the Group (including but not limited to the integration of the
business of Virgin Money Holdings (UK) plc and its subsidiaries
into the Group), trends in its operating industry, changes to
customer behaviours and covenant, macroeconomic and/or geopolitical
factors, the repercussions of the outbreak of coronaviruses
(including but not limited to the COVID-19 outbreak), changes to
its board and/ or employee composition, exposures to terrorist
activity, IT system failures, cyber-crime, fraud and pension scheme
liabilities, changes to law and/or the policies and practices of
the Bank of England, the Financial Conduct Authority and/or other
regulatory and governmental bodies, inflation, deflation, interest
rates, exchange rates, changes in the liquidity, capital, funding
and/or asset position and/or credit ratings of the Group, future
capital expenditures and acquisitions, the repercussions of the
UK's exit from the EU (including any change to the UK's currency
and the terms of any trade agreements (or lack thereof) between the
UK and the EU), Eurozone instability, and any referendum on
Scottish independence.
In light of these risks, uncertainties and assumptions, the
events in the forward looking statements may not occur. Forward
looking statements involve inherent risks and uncertainties. Other
events not taken into account may occur and may significantly
affect the analysis of the forward looking statements. No member of
the Group or their respective directors, officers, employees,
agents, advisers or affiliates gives any assurance that any such
projections or estimates will be realised. All forward looking
statements should be viewed as hypothetical. No representation or
warranty is made that any forward looking statement will come to
pass. No member of the Group or their respective directors,
officers, employees, agents, advisers or affiliates undertakes any
obligation to update or revise any such forward looking statement
following the publication of this announcement nor accepts any
responsibility, liability or duty of care whatsoever for (whether
in contract, tort or otherwise) or makes any representation or
warranty, express or implied, as to the truth, fullness, fairness,
merchantability, accuracy, sufficiency or completeness of the
information in this announcement.
The information, statements and opinions contained in this
announcement do not constitute or form part of, and should not be
construed as, any public offer under any applicable legislation or
an offer to sell or solicitation of any offer to buy any securities
or financial instruments or any advice or recommendation with
respect to such securities or other financial instruments. The
distribution of this announcement in certain jurisdictions may be
restricted by law. Recipients are required by the Group to inform
themselves about and to observe any such restrictions. No liability
to any person is accepted in relation to the distribution or
possession of this announcement in any jurisdiction. The
information, statements and opinions contained in this announcement
are subject to change.
Virgin Money UK PLC is registered in England and Wales (company
number: 09595911) and as a foreign company in Australia (ARBN 609
948 281) and has its registered office at Jubilee House, Gosforth,
Newcastle upon Tyne, NE3 4PL
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June 30, 2022 02:00 ET (06:00 GMT)
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