Share Buyback Programme

RNS Number : 6867J

Franchise Brands PLC

20 August 2019

 

20 August 2019

FRANCHISE BRANDS PLC

("Franchise Brands", "the Group" or "the Company")

Share Buyback Programme

Franchise Brands announces that in the second half of the year, until 31 December 2019, it will continue its discretionary programme to buyback ordinary shares of 0.5 pence each in the Company ("Ordinary Shares"), up to a value of £200,000 (the "Programme"). This is a continuation of the programme that commenced in 2018 and has seen the Company purchase 513,700 Ordinary Shares into treasury, representing 0.7 per cent of the Company's issued share capital.

The Group is cash generative and it therefore intends to continue the share buyback programme to offset the dilutive impact of share awards, focusing on overall shareholder return.  Therefore, any Ordinary Shares acquired under the Programme will be held in treasury.  The total number of options over Ordinary Shares currently outstanding is 4,533,530, representing 5.8 per cent of the Company's issued share capital.

The Programme will be conducted by the Company in accordance with and under the terms of the general authority granted by the Company's shareholders at the Company's Annual General Meeting on 23 April 2019 to purchase up to 7,773,203 shares. This authority will expire at the end of the next Annual General Meeting of the Company in 2020 or, if earlier, at the close of business on 23 July 2020 ("2019 Authority").

The Company has entered into an arrangement with its joint broker, Dowgate Capital Limited, to carry out on-market purchases of Ordinary Shares on its behalf under the Programme, including on a discretionary basis independent of the Company during any prohibited periods of the Company, as determined by the Market Abuse Regulation 596/2014/EU ("MAR"), which may fall during the period of the Programme.  The Programme will be conducted in accordance with the provisions of MAR relating to share buy-back programmes, including in accordance with relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. The Company confirms that it currently has no unpublished Inside Information.

Enquiries:

Franchise Brands plc	[phone]
Stephen Hemsley, Executive Chairman
Chris Dent, Chief Financial Officer Julia Choudhury, Corporate Development Director
Allenby Capital Limited (Nominated Adviser and Joint Broker)	[phone]
Jeremy Porter/ Liz Kirchner
Dowgate Capital Limited (Joint Broker)	[phone]
James Serjeant / Colin Climie
MHP Communications (Financial PR)	[phone]
Katie Hunt

 

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