SHARE REPURCHASE PROGRAMME

RNS Number : 1739M

Franchise Brands PLC

04 January 2019

 

4 January 2019

FRANCHISE BRANDS PLC

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

SHARE REPURCHASE PROGRAMME

Franchise Brands announces that from today until 30 June 2019 it will commence a programme to purchase ordinary shares of 0.5 pence each ("Ordinary Shares") in the Company, up to a value of £200,000 (the "Programme"). This is a continuation of the programme that commenced in 2018 and saw the Company purchase 200,000 Ordinary Shares into Treasury.

As announced on 12 December 2018, the Group, which is cash generative, intends to continue the share repurchase programme to offset the dilutive impact of employee share option awards, focusing on overall shareholder return. Ordinary Shares purchased under the Programme will therefore be held in Treasury to enable the Company to meet obligations arising from share option programmes. The total number of Ordinary Shares currently outstanding under option arrangements 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 25 April 2018 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 2019 or, if earlier, at the close of business on 25 July 2019 ("2018 Authority").

The Company has entered into an agreement with its joint broker, Dowgate Capital Stockbrokers Limited, to carry out on-market purchases of Ordinary Shares on its behalf under the Programme, including during any closed period of the Company which may fall during the period of the Programme. The Programme will also be conducted in accordance with the provisions of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes as necessary.

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 Stockbrokers (Joint Broker)	[phone]
James Serjeant / Colin Climie
MHP Communications (Financial PR)	[phone]
Katie Hunt

 

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