Whitbread PLC Share repurchase programme (4430Q)
18 Outubro 2023 - 3:10AM
UK Regulatory
TIDMWTB
RNS Number : 4430Q
Whitbread PLC
18 October 2023
SHARE REPURCHASE PROGRAMME
As announced in today's interim results announcement, Whitbread
PLC ('Whitbread' or the 'Company') is commencing a share buy-back
programme of up to GBP300 million (the 'Programme'). The purpose of
the Programme is to reduce the capital of Whitbread by returning
surplus capital to shareholders and it is expected that the
implementation of the Programme will enhance earnings per share.
Whitbread has instructed Morgan Stanley & Co. International Plc
('Morgan Stanley') and J.P. Morgan Securities plc ('JPMS'),
together the 'Brokers', to execute the Programme.
Whitbread has entered into a non-discretionary and irrevocable
instruction with Morgan Stanley in relation to the purchase by
Morgan Stanley, acting as riskless principal during the period
commencing today and ending no later than 23 January 2024, of the
Company's Ordinary Shares of 76 122/153 pence each ('Ordinary
Shares') for an aggregate purchase price of up to GBP150 million.
Following completion, or any termination of such instruction, the
Programme will continue under a second non-discretionary and
irrevocable instruction with JPMS) in relation to the purchase by
JPMS, acting as riskless principal during the period commencing
following the end of the Morgan Stanley instruction and ending no
more than three months later, subject to suspension for certain
exceptional and/or unforeseen circumstances, of further Ordinary
Shares for an aggregate purchase price of up to GBP150 million.
The aggregate purchase price of the Ordinary Shares bought by
the Brokers under the two instructions shall be no greater than
GBP300 million. Each of the Brokers shall make a simultaneous
on-sale of Ordinary Shares purchased under the instructions to
Whitbread. The Brokers will make their trading decisions in
relation to the Programme independently of, and uninfluenced by,
Whitbread.
The maximum number of Ordinary Shares that can be purchased
under the Programme is 14,138,162 Ordinary Shares (based on
authority granted at Whitbread's 2023 Annual General Meeting).
Any purchase of Ordinary Shares made by the Brokers in relation
to the Programme will be carried out on the London Stock Exchange
plc, Cboe Europe Limited or Aquis Stock Exchange Limited. The
buy-back by Whitbread will be executed in accordance with the
Listing Rules and Whitbread's general authority (from time to time)
to make market purchases of Ordinary Shares. The Programme will be
conducted within the parameters prescribed by the Market Abuse
Regulation 596/2014, the Commission Delegated Regulation (EU)
2016/1052 (both as incorporated into UK domestic law by the
European Union (Withdrawal) Act 2018) and with regard to regulatory
technical standards for the conditions applicable to buy-back
programmes and stabilisation measures. Whitbread will announce any
purchase by it of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred. Ordinary Shares purchased under the Programme will be
cancelled or (to the extent permitted by law) held in treasury.
The Brokers 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 period of the Programme in order to
manage their market exposure under the Programme. Disclosure of
such transactions will not be made by the relevant Broker as a
result of or as part of the Programme, but the Brokers will
continue to make any disclosures they are otherwise legally
required to make.
This announcement does not constitute, or form part of, an offer
or any solicitation of an offer for securities in any
jurisdiction.
For more information please contact:
Investor Relations - Whitbread
investorrelations@whitbread.com
Media - Teneo whitbread@teneo.com
Jessica Reid +44 (0) 20 7353 4200
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END
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October 18, 2023 02:10 ET (06:10 GMT)
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