16 October
2024
LEI:
2138003EK6UAINBBUS19
Funding Circle
Holdings plc
(the
“Company”)
Completion of
Share Buyback Programme
and Commencement
of Further Share Buyback Programme
The Company announces that on 15
October 2024 it completed an initial £25 million share buyback
programme, with the Company repurchasing a total of 27,308,339
ordinary shares of £0.001 each in its share capital (the
“Ordinary
Shares”) equating to 7.56%
of the Company’s issued and outstanding capital. Following the cancellation of the repurchased
Ordinary Shares, Funding Circle has 333,994,804 Ordinary Shares in
issue.
Having stated its intent on 5
September, the Company now announces the commencement of a further discretionary
share buyback programme (the “Programme”) to purchase Ordinary Shares up to a maximum
consideration of £25 million.
It is expected that, unless
terminated earlier, the Programme will end on the date on which the
total GBP purchase price of all Ordinary Shares purchased by the
Company pursuant to the Programme is equal to, or as close as
possible to, £25 million. It is intended that any purchased
Ordinary Shares will be cancelled. The Company has appointed its
broker, Investec Bank plc (“Investec”), to manage the Programme on its
behalf.
Any purchases of Ordinary Shares
by the Company in relation to the Programme will be carried out on
the London Stock Exchange in compliance with the relevant
conditions for trading, restrictions regarding time and volume,
disclosure and reporting obligations, and price conditions. The
Programme will be carried out in accordance with the parameters
prescribed by the Market Abuse Regulation 596/2014 (as it forms
part of UK law pursuant to the European Union (Withdrawal) Act
2018) and Chapter 12 of the Financial Conduct Authority’s Listing
Rules using the average daily volume of Ordinary Shares traded
in September
2024, being the month preceding
the month of this announcement. The Company may repurchase up to
50% of this average daily volume.
Subject to available distributable
reserves, the Programme will be conducted in accordance with and
under the terms of the general authority granted to the Board of
Directors of the Company by its shareholders at its Annual General
Meeting held on 15 May 2024 (the “2024 AGM”), which authority will
expire at the end of the next Annual General Meeting of the Company
in May 2025 (the “2025 AGM”). Pursuant to the 2024 AGM authority,
the maximum number of Ordinary Shares that can be bought back by
the Company is 54,085,678, representing 15% of Ordinary Shares in
issue as at 20 March 2024. Following the expiry of the 2024 AGM
repurchase authority, or to the extent that the Company meets the
limit of that authority prior to the 2025 AGM, Funding Circle will
seek further repurchase authority at the 2025 AGM or an earlier
General Meeting.
ENDS
Enquiries:
Funding
Circle:
Investor
Relations ir@fundingcircle.com
Tony Nicol
Media Relations
press@fundingcircle.com
Angeli Everitt
Headland Consultancy
+44 (0) 20 3805 4822
Mike Smith / Stephen
Malthouse
About
Funding Circle:
Funding Circle (LSE: FCH) is the
UK’s leading SME lending platform. Its mission is to build the
place where small businesses get the funding they need to
win.
Funding Circle enables small
businesses to access funding – offering an unrivalled customer
experience powered by data and technology. For institutional investors, Funding Circle
provides access to an alternative asset class in an underserved
market, with robust and attractive returns. Globally, Funding Circle has extended more
than £16bn in credit to c.150,000 businesses.