Share buyback tranche of up to €20 million
27 June 2025
Glenveagh Properties plc
Share buyback tranche of up to €20 million
Glenveagh Properties plc ("Glenveagh" or the "Group") announced on 22 May 2025 that the share buyback programme initially announced on 06 September 2024 had been expanded to €85 million.
To date, the Group has returned €65 million to shareholders, with 40,962,026 ordinary shares of €0.001 each (the "Shares") repurchased and cancelled.
Effective immediately, the Group has entered into arrangements with Jefferies International Limited ("Jefferies") to execute the remaining €20 million of the expanded €85 million share repurchase programme pursuant to which Jefferies will repurchase Shares on Glenveagh's behalf (the "Buyback").
The purpose of the Buyback is to reduce the share capital of Glenveagh and it will be conducted in accordance with (and within the parameters prescribed by) the Company's general authority to repurchase Shares as approved by shareholders at Glenveagh's AGM on 22 May 2025 (and as such authority may be renewed and/or amended). All Shares repurchased will be cancelled.
The Buyback will commence on 27 June 2025 and may continue until 29 December 2025 subject to market conditions, the ongoing capital requirements of the business and in accordance with the Group's capital allocation strategy. Under the terms of the Buyback, the Shares will be repurchased on Euronext Dublin, and will be subsequently cancelled.
Glenveagh has entered non-discretionary instructions with Jefferies, 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 Buyback will at all times be conducted in accordance with (and within the parameters prescribed by) the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU)2016/1052 (including as it forms part of retained EU law in the United Kingdom from time to time, and, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and the UK's Market Abuse (Amendment) (EU Exit) Regulations 2019) and in accordance with Chapter 9 of the Euronext Dublin Listing Rules and Chapter 12 of the UK Financial Conduct Authority Listing Rules as well as the rules of the Central Bank of Ireland.
The execution of the Buyback may be augmented by the purchase of Shares by way of block trades. The maximum number of shares which can be repurchased by the Group under the Buyback will be reduced by the corresponding amount of capital returned through block trades.
There is no guarantee that the Buyback will be implemented in full.
For further information please contact:
|
Investors: |
Media: |
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Glenveagh Properties plc Conor Murtagh (CFO)
investors@glenveagh.ie |
Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779
glenveagh@gordonmrm.ie |
Notes to Editors
About Glenveagh Properties PLC
Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder.
Supported by innovation and supply chain integration, Glenveagh is committed to opening access to sustainable high-quality homes to as many people as possible in flourishing communities across Ireland. We are focused on three core markets - suburban housing, urban apartments and partnerships with local authorities and state agencies.
www.glenveagh.ie
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