PayPoint PLC Commencement of Share Buyback Programme
01 Juillet 2024 - 8:00AM
RNS Regulatory News
RNS Number : 0074U
PayPoint PLC
01 July 2024
1 July
2024
PayPoint
plc
Share Buyback
Programme
Commencement of £20 million Share Buyback
Programme
Further to its announcement on 13
June 2024, PayPoint plc ("PayPoint" or the "Company") announces
that it will launch a share buyback programme (the "Programme") to
purchase ordinary shares in the capital of the Company (the
"Ordinary Shares") for an aggregate consideration of £20 million
with immediate effect. The sole purpose of the Programme is to
reduce the share capital of PayPoint and therefore the
Ordinary Shares purchased under the Programme will be cancelled.
The Directors of the Company consider the
Programme to be in the best interests of the Company and its
shareholders.
The Programme is subject to the
authority granted by a special resolution of the Company passed on
07 September 2023 and will take place during the period starting on
1 July 2024 and ending no later than 30 June 2025. The maximum
number of Ordinary Shares which may be purchased by the Company
under the Programme is 7,257,609 and is conditional on the renewal
of such authority at the Company's 2024 annual general meeting, to
be held on 01 August 2024.
The Company has entered into
irrevocable, non-discretionary instructions with Investec Bank plc
("Investec") to conduct the Programme on its behalf and to make
trading decisions under the Programme independently
of PayPoint. The Programme will be conducted within certain
pre-set parameters including those prescribed by the Market Abuse
Regulation 596/2014 (as it forms part of domestic law by virtue of
section 3 of the European Union (Withdrawal) Act 2018 (as amended))
and Chapter 12 of the Listing Rules.
PayPoint will announce any purchase
of Ordinary Shares pursuant to the Programme no later than 7.30
a.m. on the business day following the calendar day on which the
purchase occurs.
Investec may undertake transactions
in the Company's ordinary shares (which may include sales and
hedging activities, in addition to purchases) in order to manage
its market exposure under the Programme. PayPoint will make any
disclosures it is legally required to make in relation to such
transactions.
Following discussions between the
Company and the Takeover Panel, the Takeover Panel has agreed that,
under Rule 37.1 of the Takeover Code and the notes to that
Rule, Asteriscos Patrimonial SL should be
treated as an "innocent bystander" in relation to any increase in
its holdings of Shares as a result of the buyback and will not
therefore be required to make an offer under Rule 9 as a result of
any increase in its holding caused by such a buyback.
Enquiries
PayPoint plc
|
Nick Wiles, Chief Executive
Officer
Mobile: 07442 968960
Rob Harding, Chief Financial
Officer
Mobile: 07525 707970
|
FGS
Global
|
Rollo Head
James Thompson
Telephone: 0207 251 3801
|
Investec Bank plc
|
Carlton Nelson
Henry Reast
Telephone: 0207 597 5970
|
LEI
number of PayPoint plc: 5493004YKWI8U0GDD138
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