New £175m share buyback programme
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Inchcape plc
New £175m share buyback programme
Inchcape plc, the leading global automotive distributor, announces it has entered into an agreement with UBS AG ("UBS") to undertake a share buyback programme to purchase up to £175 million of the Company's shares ("Share Buyback Programme"), which has been announced as part of the Company's FY 2025 financial results, which were published today.
The Share Buyback Programme is part of the Group's disciplined capital allocation approach and is based on Inchcape's strong underlying free cash flow performance, as well as the Group's strong balance sheet. The buyback also demonstrates the Board's confidence in the Group's future prospects and ability to deliver significant future shareholder returns.
The maximum number of shares that may be repurchased under the Share Buyback Programme is up to 39,654,814 shares, being the number of shares the Company is currently authorised to purchase pursuant to the authority granted by shareholders at the Company's Annual General Meeting held on 15 May 2025 ("AGM"). The Board intends to seek shareholder approval at the Company's 2026 Annual General Meeting to renew the Company's share buyback authorisation for an additional year.
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. The Company has appointed UBS to manage the Share Buyback Programme, which is a non‐discretionary share buyback programme to repurchase the Company's shares within certain defined parameters. The Share Buyback Programme will be conducted independently and at the sole discretion of UBS within the programme terms.
The Share Buyback Programme will run from the date of this announcement until no later than 5 March 2027. Purchases may continue during any closed period to which the Company is subject during the above-mentioned period.
The sole purpose of the Share Buyback Programme is to reduce the capital of the Company. As such, the Company will cancel any shares purchased.
The Share Buyback Programme will be effected within the parameters of Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (the "2018 Act")) ("MAR") and the Commission Delegated Regulation (EU) No 2016/1052 (which is part of UK law by virtue of the 2018 Act) as well as the applicable laws and regulations of the UK Financial Conduct Authority.
Contacts
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Inchcape plc (investor enquiries): |
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Rob Gurner |
+44 (0)7825 189 088 |
investors@inchcape.com |
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Rachel Masser |
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DGA Group (media enquiries): |
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Emma Walsh |
+44 (0)7510 385 554 |
inchcape@dgagroup.com |
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James Styles |
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About Inchcape
Inchcape is the leading global automotive distributor, with operations across six continents. Inchcape works with our mobility company partners in smaller, more complex and harder-to-reach markets, which tend to be higher growth with low motorisation rates. By combining our in-market expertise with our unique technology and advanced data analytics, we create innovative customer experiences that deliver outstanding performance for our partners - building stronger automotive brands and creating sustainable growth.
Our distribution platform connects the products of mobility company partners with customers, and our responsibilities span product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels. Our ambition is to deliver for our partners, our customers and our people - so they can realise their ambitions in the new world of mobility. The Group is headquartered in London and employs over 16,000 people globally.
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