Transaction in Own Shares

RNS Number : 9552N

Network International Holdings PLC

26 January 2023

 

26 January 2023: Network International Holdings Plc

Second Tranche of the Share Buyback Programme

Following the announcement of a share buyback programme of up to an aggregate purchase price of USD 100 million (the "Buyback Programme") on 11 August 2022, Network International Holdings Plc (LSE:NETW) ("Network" or the "Company") today announces its intention to commence the second tranche of the Buyback Programme of up to an aggregate purchase price of USD 50 million (the "Second Tranche").

Network has entered into a non-discretionary agreement with Citigroup Global Markets Limited ("Citi") to conduct the Second Tranche on its behalf and to make trading decisions independently of Network. The Second Tranche will be for a maximum aggregate market value equivalent to USD 50 million and will commence on completion of the initial tranche, which commenced on 15 August 2022 and is due to end on or before 17 February 2023. This represents the second and final tranche of the Buyback Programme.

The Programme's purpose is to reduce the capital of the Company and it is currently intended that any ordinary shares of the Company (the "Shares") purchased will be held in treasury.

The Second Tranche will take place within the limitations of the authority granted to the Board of Network by its Annual General Meeting, held on 19 May 2022, pursuant to which the maximum number of shares to be bought back by Network is 56,110,169. Any buyback of the Shares pursuant to the Buyback Programme will be effected in accordance with Chapter 12 of the FCA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (which are part of UK law by virtue of the European Union (Withdrawal) Act 2018).

Jaishree Razzaq

Chief Risk Officer & Group Company Secretary

Network International Holdings Plc

Investor Relations enquiries

Network International  [e-mail]

Amie Gramlick, Head of Investor Relations    

Media enquiries

Teneo   [e-mail]

Ben Foster, Andy Parnis   

 

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