BEG.L

Begbies Traynor Group Plc
Begbies Traynor - Launch of Share Buyback Programme
21st October 2024, 06:00
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RNS Number : 8291I
Begbies Traynor Group PLC
21 October 2024
 

21 October 2024

 

Begbies Traynor Group plc

 

Launch of Share Buyback Programme

 

Begbies Traynor Group plc (the "Company" or the "Group"), today announces that it is commencing a share buyback programme of up to £1.5 million, from the date of this announcement (the "Share Buyback Programme").

 

The Share Buyback Programme will be for on market purchases of ordinary shares of 5 pence each ("Ordinary Shares") in the Company in accordance with certain pre-set parameters. The share buyback will take place within the limitations of the authority granted at the 2024 Annual General Meeting (the "General Authority").

 

The Company has entered into arrangements with Canaccord Genuity Limited ("Canaccord") to conduct the Share Buyback Programme on its behalf on a broker-managed basis in relation to the purchase of Ordinary Shares of the Company during the period commencing 21 October 2024 and 28 February 2025. Canaccord will make its trading decisions concerning the timing of the purchases of Ordinary Shares under the Share Buyback Programme independently of, and uninfluenced by, the Company.  The repurchased shares will be held in treasury.

 

The Share Buyback Programme will be conducted within certain pre-set parameters, and in accordance with the General Authority and the provisions of the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019  and the Commission Delegated Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019 which both form part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

 

The purpose of the Share Buyback Programme is to meet obligations arising from debt financial instruments that are exchangeable into equity, to settle deferred consideration obligations. The Share Buyback Programme will be financed from the Group's existing cash resources and bank facilities, whilst retaining sufficient funds for further accretive acquisitions and organic investments. The Board believes this is a good use of the Group's financial resources given the current share price and is less dilutive than the issue of new ordinary shares to satisfy these obligations.

 

As at 21 October 2024, the Company do not hold any Ordinary shares in treasury and therefore the total number of voting rights in the Company is 159,498,995.

 

 

Enquiries please contact:

 

Begbies Traynor Group plc                                                                  0161 837 1700

Ric Traynor - Executive Chairman

Nick Taylor - Group Finance Director

 

Canaccord Genuity Limited                                                                  020 7523 8350

(Nominated Adviser and Joint Broker)

Emma Gabriel / Harry Pardoe

 

Shore Capital (Joint Broker)                                                                 020 7408 4090

Malachy McEntyre / Mark Percy / Anita Ghanekar / James Thomas

           

MHP                                                                                                     020 3128 8100

Reg Hoare / Katie Hunt / Charles Hirst                                    begbies@mhpgroup.com 

 

Information on Begbies Traynor Group can be accessed via the group's website at
 https://ir.begbies-traynorgroup.com/

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