Update - share buyback programme

RNS Number : 0868E
Character Group PLC
05 July 2021
 

 

 

 

LONDON : Monday, 5 July 2021

 

 

THE CHARACTER GROUP PLC

("Company" or "Group")

Designers, developers and international distributor of toys, games and giftware

 

Update - share buyback programme

 

In the Group's interim statement made on 29 April 2021, the Company announced its intention to pursue a new share buyback initiative .  By way of an update on this position, the Board confirms that t he plans to implement this initiative have been in formulation since that time and it is now anticipated that a tender offer (the "Tender Offer"), seeking to purchase issued ordinary shares of 5 pence each in the Company ("Ordinary Shares"), will be made by the Company in September 2021.

 

The Company was granted an authority to buyback issued Ordinary Shares at its Annual General Meeting of the Company held on 22 January 2021 (the "Authority"), which incorporates an authority to effect buybacks by means of tender offers.  Prior to the date of this announcement, the Company has not effected any share buybacks pursuant to the Authority and currently has a capacity under the Authority to buyback up to 3,200,000 issued Ordinary Shares (constituting approximately 15% of the current, issued, voting share capital of the Company).

 

The intention to make the Tender Offer demonstrates that the Company remains committed to its previously stated objective to enhance shareholder value.  The implementation of the Tender Offer will be consistent with the Group's approach to capital allocation, reflects the Group's strong ongoing cash generation and will provide a mechanism to return excess capital to shareholders.

 

A further update on the position with the Tender Offer, including details of the pricing and exact timing, will be issued shortly prior to the Tender Offer formally being made.

 

 


The Character Group plc

FTSE sector :  leisure goods:

FTSE AIM All-share: symbol: CCT.L

Market cap : £147m

Email:  info@charactergroup.plc.uk

Group website: www.thecharacter.com

Product ranges can also be viewed at www.character-online.co.uk

 

Enquiries to:

The Character Group plc

Jon Diver, Joint Managing Director

Kiran Shah, Joint Managing Director & Group Finance Director

Office:  +44 (0) 208 329 3377

Mobile: +44 (0) 7831 802219 (JD)

Mobile: +44 (0) 7956 278522 (KS)


Panmure Gordon (Nominated Adviser and Joint Broker)

Atholl Tweedie, Investment Banking

Charles Leigh-Pemberton, Corporate Broking

Rupert Dearden, Corporate Broking

Tel:  +44 (0) 20 7886 2500


Allenby Capital Limited (Joint Broker)

Nick Athanas, Corporate Finance

Amrit Nahal, Sales & Corporate Broking

Tel:  +44 (0) 20 3328 5656




TooleyStreet Communications Limited (Investor and media relations)

Fiona Tooley

Tel:  +44 (0) 7785 703523

Email: fiona@tooleystreet.com

 

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