Share Buyback Programme

RNS Number : 6072N

Bridgepoint Group plc

24 January 2023

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR INVITATION TO PURCHASE ANY SECURITIES IN ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR APPROVAL.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

Bridgepoint Group plc
("Bridgepoint" or the "Company")

Share Buyback Programme

24 January 2023

Bridgepoint today announces a share buyback programme of up to £50 million (the "Buyback Programme"). The Buyback Programme will run from and including 24 January 2023 and is expected to be completed on or before 30 September 2023.

Bridgepoint's strategy and growth agenda, including its approach to diversification, remains unchanged. This Buyback Programme reflects the Board's confidence in Bridgepoint's fundamental value and long-term prospects, at a time when short-term market dislocations mean that there is value in allocating capital to repurchase the Company's shares. The Buyback Programme represents a targeted use of below 20% of the Company's current net cash given the value the Board sees in the current valuation.

Details of the Buyback Programme

Bridgepoint has entered into an arrangement with J.P. Morgan Securities plc ("JP Morgan Securities") in relation to the purchase by JP Morgan Securities, as riskless principal, of ordinary shares in Bridgepoint (the "Shares").

Any purchases of Shares pursuant to the Buyback Programme will be effected within certain pre-set parameters. These arrangements are in accordance with Bridgepoint's general authority to repurchase up to 82,326,877 Shares granted at its Annual General Meeting held on 12 May 2022 (the "2022 AGM"), Chapter 12 of the Listing Rules, and those provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018). The number of ordinary shares to be purchased under the Buyback Programme will not exceed 82,326,877 Shares and is therefore within the 2022 AGM approved limit.  The authority granted at the 2022 AGM expires at the earlier of the close of business on 31 July 2023 and the conclusion of the 2023 annual general meeting, and Bridgepoint expects to seek renewal of the authority to buy back shares at the 2023 annual general meeting. 

Details of the authority granted at the 2022 AGM can be found on our website at https://www.bridgepointgroupplc.com/shareholder-centre/annual-general-meeting .

The aggregate purchase price to be paid pursuant to the Buyback Programme is £50 million, and any Shares purchased will be cancelled.

The sole purpose of these share purchases is to reduce the Company's share capital.

ENQUIRIES

Bridgepoint

Analysts and investors Adam Key [e-mail] [phone]

Media Christian Jones / James Murray [e-mail] [e-mail] [phone]

Finsbury Glover Hering (Public Relations Adviser to Bridgepoint)

Charles O'Brien / [phone] / [phone]

Anjali Unnikrishnan / [phone] / [phone]

[e-mail]

Legal Entity Identifier (LEI): 213800KFNMVI8PDZX472

 

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