Notice of EGM & Publication of Circular

RNS Number : 8314G

Glenveagh Properties plc

18 November 2022

 

18 November 2022

Glenveagh Properties PLC

("Glenveagh" or the "Group")

Publication of Circular and Notice of Extraordinary General Meeting

Glenveagh Properties PLC, a leading Irish homebuilder, today announces that it is distributing a circular to shareholders containing a notice of Extraordinary General Meeting ("EGM") seeking the authority to repurchase up to 10% of the ordinary share capital in issue in the Company (excluding treasury shares) on the day of the passing of the resolution.

Capital Allocation Update

On 2 November 2022 Glenveagh announced that it had completed the share buyback programme announced on 01 June 2022 with the Group fully availing of the buyback authority granted by shareholders at the Group's 2022 Annual General Meeting.

Glenveagh deployed c.€67.3m through this programme, bringing the aggregate amount of capital returned to shareholders in the current financial year to c.€145.0m.

The Group continues to implement a prudent capital allocation strategy which is focused on three capital allocation priorities: investment in supply chain, land, and work-in-progress. Once these priorities are satisfied, the Group intends to return any excess cash identified to shareholders.

On 14 September 2022, Glenveagh announced that at the completion of the third share buyback programme, the Group would have returned approximately €260 million to shareholders since May 2021 and that, given the strong cash generation expected by the business for the remainder of the year, further shareholder returns were likely.

Taking into consideration its capital allocation strategy and strong cash generation expected in the coming months, the Board would like to maintain the flexibility to carry out further buyback programmes as it deems appropriate. No specific further buyback programme is contemplated at present, but having exhausted its existing general authority, the Company is now seeking a new general authority to make further on-market purchases.

Publication of Circular and Notice of EGM

A shareholder circular containing a notice of Extraordinary General Meeting will shortly be available on the Company's website and will be posted to Shareholders.  The EGM of the Company will be held at Block B, Maynooth Business Campus, Maynooth, Co. Kildare, Ireland on 15 December 2022 at 11:00am for the purposes of seeking the authority to repurchase up to 10% of the ordinary share capital in issue in the Company (excluding treasury shares) on the day of the passing of the resolution.

A copy of the circular will also be submitted to Euronext Dublin and to the U.K. National Storage Mechanism, where they will be available at:

·Euronext Dublin:  Company Announcements Office, The Irish Stock Exchange t/a Euronext Dublin, 28 Anglesea Street, Dublin 2

·U.K. National Storage Mechanism: https://data.fca.org.uk/#/nsm/nationalstoragemechanism;

ENDS 

For further information please contact:

Investors:	Media:
Glenveagh Properties PLC Michael Rice (CFO) Jack Gorman (Head of Investor Relations) Chloe McCarthy (Group Company Secretary) [e-mail]	Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 [e-mail]

Notes to Editors

About Glenveagh Properties PLC

Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder.

Supported by innovation and supply chain integration, Glenveagh are committed to opening access to sustainable high-quality homes to as many people as possible in flourishing communities across Ireland.

We are focused on three core markets - suburban housing, urban apartments and partnerships with local authorities and state agencies. We are targeting to deliver 1,400 suburban homes and a number of urban apartment transactions in 2022. The landbank we have assembled can deliver housing that is both in demand and affordable.

www.glenveagh.ie

 

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