Share Buyback Programme Update

RNS Number : 2150N

Sports Direct International Plc

21 October 2016

 

Released: 21 October 2016

Sports Direct International Plc

21 October 2016

SPORTS DIRECT INTERNATIONAL PLC ("Sports Direct" or "the Company")

SHARE BUYBACK PROGRAMME UPDATE

Programme Update

Further to the announcement made by the Company on 9 September 2016, the Company announces that it intends to continue its share buyback programme from today's date for the remainder of its current financial year ending on 30 April 2017 (the "Programme").

The maximum number of shares that may be purchased under the Programme will be 87,149,097 ordinary shares, being the maximum number of shares that may be purchased under the authority granted to the Company by shareholders at the Company's annual general meeting on 7 September 2016 less the total number of shares purchased under that authority to date. The aggregate purchase price of all shares acquired under the Programme will be no greater than £261,447,291.

As part of the Programme, the Company further announces that it has instructed Citigroup Global Markets Limited in relation to an irrevocable, non-discretionary share buyback programme to purchase the Company's shares during its forthcoming closed period, which commences on 21 October 2016 and will end no later than 8 December 2016 (the "Closed Period Programme").

The maximum number of shares that may be purchased under the Closed Period Programme will be 29,697,251 ordinary shares and the aggregate purchase price of all shares acquired under the Closed Period Programme will be no greater than £89,091,753. For the avoidance of doubt, the total number of shares purchased under the Closed Period Programme and the aggregate price paid for those shares will be counted towards the limits for the Programme set out above.

The purpose of the Programme and the Closed Period Programme is to reduce the share capital of the Company.

Each of the Programme and the Closed Period Programme will be conducted within certain pre-set parameters, and in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. The shares repurchased by the Company will be held in treasury pending cancellation or re-issue.

Ends.

Sports Direct International plc

Matt Pearson, Acting Chief Financial Officer

T. 0344 245 9200

E. [e-mail]

KBA PR                                   

Keith Bishop

T. 0207 734 9995

E. [e-mail] 

 

END

 

 

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