VTU.L

Vertu Motors Plc
Vertu Motors PLC - Transaction in Own Shares
28th October 2024, 07:00
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RNS Number : 7713J
Vertu Motors PLC
28 October 2024
 

28 October 2024




Vertu Motors plc

 




("Vertu Motors" or the "Company")





Transaction in Own Shares

 








Vertu Motors plc (AIM: VTU) announces that on 25 October 2024 it purchased 86,785 ordinary shares of 10p each in the Company (the "Repurchased Shares"), pursuant to the share buyback programme (the "Buyback Programme") that was announced on 16 October 2024, as follows (together the "Transaction"):                          





Date of purchase

25 October 2024

Number of ordinary shares purchased

86,785

Highest price paid per ordinary share

67.6 pence

Lowest price paid per ordinary share

67.6 pence

Volume weighted average price paid per ordinary share

67.6000 pence





Application will be made for the Repurchased Shares to be cancelled. Following the cancellation of the Repurchased Shares, the total number of ordinary shares with voting rights will be 334,027,572 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Vertu Motors under the FCA's Disclosure Guidance and Transparency Rules. The Company holds no shares in treasury.

 

Since the Group began Share Buybacks in October 2018, over £33.4m has been returned to shareholders, reducing the Company's shares in issue by 15.9% over the same period.  





The Company will make further announcements in due course following the completion of any further purchases pursuant to the Buyback Programme.   





In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 details of the purchase of its own ordinary shares by Vertu Motors, which were all executed through the Company's broker, Stifel Nicolaus Europe Limited ("Stifel"), are set out below:





Schedule of Purchases: 

 



Shares purchased:        

Vertu Motors plc (ISIN: GB00B1GK4645)

Date of purchases:        

25 October 2024







Aggregate information:

 







Aggregated Volume

Volume-weighted
average price (pence)

Venue

 

86,785

67.6000 pence

London Stock Exchange









Individual transactions:

 







11,500

67.6 pence

16:15 UK


75,285

67.6 pence

16:35 UK






Vertu Motors plc

 

Tel: +44 (0) 191 491 2121

Robert Forrester, CEO


Karen Anderson, CFO

Phil Clark, Investor Relations






Stifel (Nominated Adviser and Broker)

Tel: +44 (0) 207 710 7688

Matthew Blawat


Nick Harland






Camarco

 

Tel: +44 (0) 203 757 4980

Billy Clegg




Tom Huddart












Notes to Editors

 



Vertu Motors is the fourth largest automotive retailer in the UK with a network of 193 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu and Macklin Motors brand names.





Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector.  It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group.  The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 190 franchised sales outlets and 3 non-franchised sales operations from 145 locations across the UK.





Vertu's Mission Statement is to "deliver an outstanding customer motoring experience through honesty and trust".





Vertu Motors Group websites - https://investors.vertumotors.com / www.vertucareers.com
Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.vertumotorcycles.com

 

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