£3m Share Buyback Programme

RNS Number : 8216G

Foxtons Group PLC

29 July 2021

 

FOXTONS GROUP PLC (the "Company" or "Foxtons")

£3m SHARE BUYBACK PROGRAMME

Thursday 29 July 2021

As announced in the interim results published today, the Board of Foxtons Group plc (LSE: FOXT) confirms the launch of a £3 million share buyback in line with the Company's policy of returning excess cash to shareholders. The proposed share buyback will be funded from accumulated cash resources.

The Company has appointed its broker Numis Securities Limited ("Numis") to manage the share buyback programme to repurchase Ordinary Shares on its behalf, up to a maximum aggregate consideration of £3m and subject to certain other set parameters.

The buyback programme is in accordance with Foxtons' general authority to purchase Ordinary Shares granted by its shareholders at the Annual General Meeting held on 22 April 2021. The share buyback programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (as in force in the UK from time to time, including where relevant pursuant to the Market Abuse (Amendment)(EU Exit) Regulations 2019).

Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The maximum price paid per Ordinary Share will be no more than the higher of (i) 105 per cent of the average middle market closing prices of the Ordinary Shares for the five business days preceding any Ordinary Shares being purchased and (ii) the higher of the price of the last independent trade and the highest independent bid for Ordinary Shares on the trading venue where the purchase is carried out. Under the buyback, the purchased shares will be held in treasury.

Due to the limited liquidity in the issued Ordinary Shares, a buyback of Ordinary Shares pursuant to the buyback programme on any given trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares on the London Stock Exchange and may exceed 25 per cent of the average daily trading volume and, accordingly, the Company may not benefit from the exemption contained in Article 5(1) of Regulation (EU) No. 596/2014.

The Company will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares by the Company as they occur.

The Company confirms that it currently has no other unpublished price sensitive information other than the information that has been communicated within the Company's interim results for the half year ended 30 June 2021 released today.

For further information, please contact:

Foxtons Group plc
Richard Harris, Chief Financial Officer Muhammad Patel, Investor Relations	[phone] [e-mail]
Sanctuary Counsel
Robert Morgan	[phone]

 

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