Share Purchase Programme

RNS Number : 6672K

Franchise Brands PLC

23 December 2022

 

23 December 2022

FRANCHISE BRANDS PLC

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

Share purchase programme

Franchise Brands plc (AIM: FRAN), a multi-brand franchise business, announces that it will continue its discretionary programme to buy ordinary shares of 0.5p each in the Company ("Ordinary Shares") for the next six-month period from 1 January 2023 to 30 June 2023, up to an aggregate value of £1,500,000 (the "Programme").

The Trustee of the Franchise Brands PLC Employee Benefit Trust (the "EBT") will purchase Ordinary Shares in accordance with the Programme.  The Programme seeks to mitigate the dilutive impact of share option awards and to improve overall shareholder return.

During the period 24 June 2022 to 22 December 2022 ("the period"), the EBT has purchased 1,329,392 Ordinary Shares at an average price of £1.46 pence per share. 90,265 Ordinary Shares held by the EBT have been used to satisfy the exercise of options over Ordinary Shares. Accordingly, the EBT currently holds 1,774,915 Ordinary Shares (24 June 2022: 535,788 Ordinary Shares) which represents 1.36 per cent. (24 June 2022: 0.44 per cent.) of the Company's current issued share capital. The net cash cost to the Company during the period was £1,836,722.

The Trustees of the EBT have entered into arrangements with the Company's joint broker, Dowgate Capital Limited ("Dowgate"), to carry out on-market purchases of Ordinary Shares under the Programme, including on a discretionary basis independent of the Company during any prohibited periods of the Company, as determined by the UK Market Abuse Regulation, which may fall during the period of the Programme.

Enquiries:

Franchise Brands plc	+ 44 (0) 1625 813231
Stephen Hemsley, Executive Chairman
Andrew Mallows, Interim Chief Financial Officer
Julia Choudhury, Corporate Development Director
Allenby Capital Limited (Nominated Adviser and Joint Broker)	[phone]
Jeremy Porter / George Payne (Corporate Finance) Amrit Nahal (Sales & Corporate Broking)
Dowgate Capital Limited (Joint Broker)	[phone]
James Serjeant / Russell Cook / Nicholas Chambers
MHP (Financial PR)	[phone]
Katie Hunt/Catherine Chapman	[phone]
	[e-mail]

About Franchise Brands plc

Franchise Brands is focused on building market-leading businesses primarily via a franchise model. The Group currently has a combined network of 600 franchisees across six principal franchise brands in the UK, North America and Europe. Our focus is on established brands which can benefit from our shared support services, specialist sector expertise, management experience and group resources.

Our B2B brands are Metro Rod, Metro Plumb, Filta, Willow Pumps and Azura, and our principle B2C brands are ChipsAway, Ovenclean and Barking Mad. Each of our brands are leaders in their respective markets. The combined trading history of all the Group's brands is over 190 years. Franchise Brands employs over 430 people from 5 principal offices in the UK as well as Orlando, Florida and the Netherlands.

For further information, visit  www.franchisebrands.co.uk

 

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