Intention to purchase own shares

RNS Number : 9668E

Stobart Group Limited

12 May 2017

 

12 May 2017

Stobart Group Limited

("Stobart Group", "Stobart" or the "Group")

Intention to purchase own shares

The Company announces that it has commenced a programme to purchase ordinary shares of 10 pence each in the capital of the Company during the period running from the date of this announcement until the expiry of the authority obtained at its last Annual General Meeting on 30 June 2016. This authority shall expire at the conclusion of the next AGM of the Company (currently scheduled to take place on 29 June 2017) or on 31 August 2017 (if earlier). No purchases will be made during Company closed periods.

The purchased shares will be held in treasury and will be utilised to meet obligations arising from share awards granted to employees of the Company (or an associate company). 

The Company intends to purchase up to 3,000,000 ordinary shares. Notwithstanding the average daily volume restrictions set out in Article 3(3) (b) of the Commission Delegated Regulation (EU) 2016/1052, the Company may make purchases in excess of these volume restrictions, subject to prevailing market conditions and liquidity.

The maximum price per share (exclusive of expenses) which may be paid by the Company under the existing authority shall be not more than the higher of (i) 5 per cent above the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately before the day on which the purchase is made; and (ii) the higher of the price of the last independent trade, and the highest independent bid at the time of the purchase for the ordinary shares (being the price stipulated by Article 5(1) of Regulation  (EU) No 596/2014 and Article 3(2) of the Commission Delegated Regulation (EU) 2016/1052).

Enquiries:

Stobart Group	c/o Redleaf Communications
Andrew Tinkler
Redleaf Communications	[phone]
Charlie Geller Elise Palmer Sam Modlin	[e-mail]
Influence Associates	[phone]
Stuart Dyble James Andrew

 

END

 

 

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