Share Buyback Programme

RNS Number : 4383P

Paddy Power Betfair plc

29 May 2018

 

29 May 2018

Paddy Power Betfair plc (the "Company or the "Group")

Share Buyback Programme

As announced as part of the Group's Q1 Trading Update on 2 May 2018, the Group intends to return £500m of cash to shareholders over the next 12 to 18 months initially commencing with share buyback of £200m. Accordingly, the Group hereby announces that the Company has entered into irrevocable, non-discretionary arrangements with Goldman Sachs International to repurchase ordinary shares on its behalf for a maximum consideration of £200m (the "share buyback programme"). The share buyback programme will commence today (29 May 2018) and continue for 3 months, subject to market conditions. The maximum number of ordinary shares to be repurchased under the share buyback programme is 12,692,692. The purpose of the share buyback programme is to reduce the Company's share capital. Shares purchased by the Group will be cancelled. It is intended that ordinary shares may be repurchased on both the London Stock Exchange and the Irish Stock Exchange, trading as Euronext Dublin.

Goldman Sachs International will make its trading decisions in relation to the Company's securities independently of, and uninfluenced by, the Group. The share buyback programme arrangements will be conducted in accordance with the Company's general authority to repurchase ordinary shares as approved by shareholders at its 2018 Annual General Meeting on 18 May 2018, the parameters prescribed by the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of the London Stock Exchange and Euronext Dublin.

Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following any repurchase. This announcement relates solely to the repurchase ordinary shares pursuant to the share repurchase programme as detailed above. The Group confirms that it currently has no unpublished inside information.

Contact:

Ivan Kelly, Investor Relations                   Tel: [phone]

Pritti Patel, Company Secretariat              Tel: [phone]

 

END

 

 

POSFKFDKDBKBDPB