Redde Northgate PLC Update on Share Buyback Programme (4788V)
10 Agosto 2022 - 3:00AM
UK Regulatory
TIDMREDD
RNS Number : 4788V
Redde Northgate PLC
10 August 2022
10 August 2022
This announcement contains inside information
REDDE NORTHGATE PLC
("Redde Northgate" or the "Group" or the "Company")
Update on Share Buyback Programme
Redde Northgate plc (LSE:REDD), the leading integrated mobility
solutions platform providing services across the vehicle lifecycle
, today provides an update on its current GBP30 million share
buyback programme (the " Share Buyback Programme"). Since the
announcement of the Share Buyback Programme on 15 March 2022, the
Group has purchased c.7.5 million ordinary shares at a total
consideration of approximately GBP28 million (excluding
expenses).
As announced in Redde Northgate plc's full year results
announcement on 6 July 2022, the Group has had a strong start to
the new financial year and, in light of significant shareholder
support, the Board has resolved to extend the Share Buyback
Programme by a further GBP30 million, up to a maximum aggregate
consideration of GBP60 million, with effect from the date of this
announcement . The Share Buyback Programme is expected to continue
for up to 6 months and will end no later than 30 June 2023.
The Board has reviewed the Share Buyback Programme and has
concluded that the current low level of liquidity in its issued
ordinary shares may impact its progress. Accordingly, the Group, in
discussions with its broker, Numis Securities Limited ("Numis") has
agreed that on any given trading day a buyback of shares under the
Share Buyback Programme may exceed 25 percent of the average daily
trading volume on each trading platform on which Redde Northgate
shares are traded. Where a buyback of shares exceeds 25 per cent of
the average daily trading volume on any trading platform, the Group
will not fall within the exemption contained in Article 5(1)
MAR.
As announced on 15 March 2022, the Group's objective is to
employ a disciplined approach to investment, returns and capital
efficiency to deliver sustainable compounding growth. It continues
to see exciting opportunities to deploy capital organically and has
a good M&A pipeline. Even after taking into consideration
capital to fund organic growth, payment of dividends in line with
the Company's dividend policy and acquisitions within the M&A
pipeline, the Company has substantial headroom under its facilities
and target leverage of 1-2x.
Notes :
The Share Buyback Programme is conducted pursuant to an
agreement between the Company and Numis under which it is intended
that Numis will purchase up to a maximum of 24 million ordinary
shares in the Company on the Company's behalf, including on an
irrevocable basis within certain pre-set parameters . Under the
Share Buyback Programme the repurchased shares will be held in
treasury. The purpose of the Share Buyback Programme is to reduce
the capital of the Company.
The Share Buyback Programme is in accordance with the Company's
existing general authority to purchase a maximum of 24,609,142
ordinary shares. Any purchase of the Company's ordinary shares
contemplated by this announcement will be carried out on a
regulated trading venue and be executed in accordance with: (i) the
Company's general authority to repurchase ordinary shares granted
by its shareholders on 20 September 2021; (ii) save as detailed
above, Market Abuse Regulation 596/2014 and the Commission
Delegated Regulation (EU) 2016/1052 (both as incorporated into UK
domestic law by the European Union (Withdrawal) Act 2018); and
(iii) Chapter 12 of the Financial Conduct Authority's Listing
Rules.
Details of any ordinary shares repurchased will be notified to a
Regulatory Information Service by the Group following any
repurchase as required by the MAR and the Listing Rules of the FCA.
The Company confirms that it currently has no unpublished Inside
Information.
The person responsible for making this announcement on behalf of
the Company is James Kerton, Company Secretary.
For further information contact:
Buchanan
David Rydell/Jamie Hooper/Verity Parker +44 (0) 207 466 5000
Notes to Editors:
Redde Northgate is the leading integrated mobility solutions
platform providing services across the vehicle lifecycle. The
Company offers integrated mobility solutions to businesses, fleet
operators, insurers, OEMs and other customers across six key areas:
vehicle rental, vehicle disposal, vehicle ancillary services,
repairs, accident management and vehicle data.
The Company's core purpose is to keep its customers mobile,
whether through meeting their regular mobility needs or by
servicing and supporting them when unforeseen events occur. With
its considerable scale and reach, Redde Northgate's mission is to
offer a market-leading customer proposition and drive enhanced
returns for shareholders by creating value through sustainable
compounding growth. The Group aims to achieve this through the
delivery of its strategic framework of Focus, Drive and
Broaden.
Redde Northgate services its customers through a network and
diversified fleet of over 120,000 owned and leased vehicles,
supporting over 600,000 managed vehicles, with more than 170
workshop, body shop and rental locations across the UK, Ireland and
Spain and a specialist team of over 6,000 automotive services
professionals.
Further information please visit the Company's website:
www.reddenorthgate.com
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END
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August 10, 2022 02:00 ET (06:00 GMT)
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