Share Repurchase Programme

RNS Number : 5515Y

Franchise Brands PLC

02 January 2020

 

The following amendments have been made to the 'SHARE REPURCHASE PROGRAMME' announcement released on 2 January 2020 at 9:39am under RNS No 5343Y.

Square brackets were removed from the ordinary share figures detailed in the first paragraph.

All other details remain unchanged.

2 January 2020

FRANCHISE BRANDS PLC

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

SHARE REPURCHASE PROGRAMME

Franchise Brands announces that from 1 January 2020 until 30 June 2020, 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 a total of 538,700 Ordinary Shares into treasury. Pursuant to the announcement on 28 August 2019, 513,700 Ordinary Shares held in treasury were withdrawn from treasury in part fulfillment of options exercised. The Company currently holds 25,000 Ordinary Shares in treasury.

The Group is cash generative and therefore 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 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
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

 

END

 

 

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