Share Buyback Programme

RNS Number : 1104A

Glenveagh Properties PLC

28 May 2021

 

28 May 2021

Glenveagh Properties plc

("Glenveagh" or the "Group")

Commences Share Buyback Programme

Glenveagh Properties plc ("Glenveagh" or the "Group") today announces that it has entered into arrangements with J&E Davy ("Davy") to repurchase ordinary shares of €0.001 each (the "Shares") on Glenveagh's behalf for a maximum consideration of €75million (the "Buyback"). The Buyback will commence today, 28 May 2021, and may continue until 1 February 2022 subject to market conditions and the ongoing capital requirements of the business.

Under the terms of the Buyback, ordinary shares will be repurchased on Euronext Dublin and the London Stock Exchange. Glenveagh has entered into non-discretionary instructions with Davy, acting as principal, to conduct the Buyback on Glenveagh's behalf and to make trading decisions under the Buyback independently of Glenveagh in accordance with certain pre-set parameters.

The purpose of the Buyback is to reduce the share capital of Glenveagh and it will be conducted within the limitations of the authority granted at the Group's AGM on 27 May 2021 to repurchase up to 10% of the Company's ordinary shares in issue (being 87,133,355 ordinary shares). All Shares repurchased will be cancelled.

The Buyback will also be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU)2016/1052 (also as in force in the UK, from time to time, including, where relevant and pursuant to the UK's Market Abuse (Amendment) (EU Exit) Regulations 2019).

The execution of the Buyback may be augmented by the purchase of shares by way of block trades. The maximum consideration payable by the Group under the Buyback will be reduced by the corresponding amount of capital returned through block trades.

For further information please contact:

Investors:	Media:
Glenveagh Properties plc Michael Rice (CFO) Chloe McCarthy (Group Company Secretary) [e-mail]	Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 [e-mail]

Note to Editors

Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder.

We are dedicated to expanding access to high-quality new homes, with a focus on first time buyers and young families. We believe that everyone should have access to high quality homes in flourishing communities across Ireland.

We are focused on three core markets - suburban housing, urban apartments and partnerships with local authorities and state agencies. Since IPO we have opened 23 sites, delivering more than 1,800 units with 1,150 in the pipeline for 2021 and 3,000 units per annum from 2024. The landbank we've assembled can deliver housing that is both in demand and affordable.

  www.glenveagh.ie

 

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