Share Buyback Programme - Update

RNS Number : 4147L

Motorpoint Group plc

05 September 2019

 

5 September 2019

Motorpoint Group PLC

Share Buyback Programme - Update

In light of today's announcement regarding the proposed sell-down of existing ordinary shares (the "Placing") in Motorpoint Group plc ("Motorpoint" or the "Company"), by Shoby Investments Partnership Limited (the "Seller"), Motorpoint confirms that it has informed Numis Securities Limited ("Numis"), of its intention to participate in the Placing, using the buy-back authority granted by its shareholders at the AGM of Motorpoint held in July 2019.  Motorpoint would limit itself to a maximum of 25 per cent of the Placing and, in doing so, would step outside (for these purposes only) the daily volume limit of 58,000 shares referred to in its announcement of 7 May 2019 in relation to its buy-back programme (and with that daily volume limit then being re-applied, once the Placing is complete).

Enquiries:

Motorpoint Group PLC Mark Carpenter, Chief Executive Officer James Gilmour, Chief Financial Officer	via FTI Consulting
FTI Consulting (Financial PR) Jonathon Brill Alex Beagley James Styles	020 3727 1000

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

For the purposes of the Market Abuse Regulation (EU) 596/2014 and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Manjit Virk, Company Secretary.

Notes to editors

Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Company's principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles.  Motorpoint sells vehicles from brands representing over 95 per cent. of new vehicle sales in the United Kingdom, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers. The Group operates from 12 retail sites across the United Kingdom; Derby, Burnley, Glasgow, Newport, Peterborough, Chingford, Birmingham, Widnes, Birtley, Castleford, Oldbury and Sheffield, of which five have opened in the last five years; together with a national contact-centre dealing with online enquiries.

More information is available at www.motorpointplc.com and www.motorpoint.co.uk.

 

END

 

 

POSCKPDKPBKDCCK