Pebble Group PLC (The) Commencement of Share Buyback Programme
01 Maio 2024 - 7:48AM
RNS Regulatory News
RNS Number : 8424M
Pebble Group PLC (The)
01 May 2024
1 May 2024
THE PEBBLE GROUP
PLC
("The
Pebble Group" or the "Group")
Commencement of Share Buyback
Programme
The Pebble Group, a leading provider of digital
commerce, products and related services to the global promotional
products industry, is pleased to announce the commencement of a
share buyback programme in the Group's ordinary shares of 1 pence
each ("Ordinary Shares"), up to an initial maximum aggregate
consideration of £5.0m (the "Share Buyback Programme"). The Group
initially announced its intention to undertake the Share Buyback
Programme in its Audited Full Year Results 2023, published on 19
March 2024 and it was also noted in its AGM Trading Update on 30
April 2024.
The Board considers that the Group's strong
balance sheet provides an opportunity to repurchase its Ordinary
Shares at an attractive level whilst returning capital back to
shareholders. This initiative reflects both the Board's confidence
in the Group's future value, continued focus on capital allocation
and enhancing shareholder returns, alongside its continued
investment in the Group's strategy. There are no changes expected
to the Group's existing dividend policy.
The purpose of the Share Buyback Programme is
to reduce the share capital of the Group.
In order to implement the Share Buyback
Programme, The Pebble Group has entered into an agreement with its
retained corporate broker, Joh. Berenberg, Gossler & Co. KG,
London Branch ("Berenberg"), on the following basis:
·
|
Berenberg will manage the purchases on a
discretionary basis, purchasing Ordinary Shares on the
London Stock Exchange within certain pre-set
parameters and making its trading decisions independently of, and
uninfluenced by, the Group.
|
·
|
The Share Buyback Programme will be executed in
accordance with the authorities to repurchase Ordinary Shares
granted by the Group's shareholders at the Annual General Meeting
("AGM") held on 30 April 2024.
|
·
|
The Share Buyback Programme will also be
conducted in accordance with the safe harbour parameters of the EU
Market Abuse Regulation (596/2014) (as in force in the UK and as
amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019), the Commission Delegated Regulation (EU) 2016/1052 (as in
force in the UK and as amended by the FCA's Technical Standards
(Market Abuse Regulation) (EU Exit) Instrument 2019) and the AIM
Rules.
|
·
|
Any Ordinary Shares purchased will be
cancelled, and therefore will reduce the issued share capital of
the Group accordingly.
|
·
|
The Group has authorised the Share Buyback
Programme to commence from today and will continue whilst it
retains the authority from shareholders to repurchase Ordinary
Shares until the earlier of: (i) the maximum aggregate
consideration payable by the Group has been reached or (ii) at
close of business on 30 June 2025 or, if earlier, at the conclusion
of the Company's AGM to be held in 2025.
|
Any market purchase of Ordinary Shares pursuant
to the Share Buyback Programme will be announced no later than
7:30am (UK time) on the business day following the day on which the
purchased occurred.
Enquiries:
The Pebble
Group
Chris Lee,
Chief Executive Officer
Claire
Thomson, Chief Financial Officer
+44 (0) 750
012 4121
|
Temple Bar
Advisory (Financial PR)
Alex
Child-Villiers / Alistair de Kare-Silver /
Sam Livingstone
+44 (0) 207
183 1190
pebble@templebaradvisory.com
|
Grant
Thornton UK LLP (Nominated Adviser)
Samantha
Harrison / Harrison Clarke / Ciara Donnelly
+44 (0) 207
184 4384
|
Berenberg (Corporate Broker)
Ben Wright
/ Mark Whitmore / Richard
Andrews
+44 (0) 203
207 7800
|
About The Pebble Group plc
The Pebble Group is a provider of
digital commerce, products and related services to the global
promotional products industry, comprising two differentiated
businesses, Facilisgroup and Brand Addition, focused on specific
areas of the promotional products market. For further information,
please visit www.thepebblegroup.com.
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END
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