Non-discretionary share repurchase programme

RNS Number : 1076Q

Paragon Group Of Companies PLC

24 November 2016

 

The Paragon Group of Companies PLC:

Non‐discretionary share repurchase programme

The Paragon Group of Companies PLC (the "Company") announces that it has entered into an irrevocable, non‐discretionary programme with UBS AG to repurchase an amount of shares no greater than £12.5 million during the period commencing on 25 November 2016 and ending no later than 31 January 2017.  The shares so purchased will be held in treasury, but may be cancelled subsequently.

Any acquisitions will be effected within certain pre‐set parameters, and in accordance with both the Company's general authority to repurchase shares and Chapter 12 of the Listing Rules which requires that the maximum price paid to be limited to no more than 105 per cent of the average middle market closing price of the Company's shares for the 5 dealing days preceding the date of purchase.  The Company confirms that it currently has no unpublished price sensitive information.

These arrangements are in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 11 February 2016.

UBS may undertake transactions in Ordinary Shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the programme.  UBS will make any disclosures it is legally required to make in relation to such transactions.

Further enquiries:

Pandora Sharp, Company Secretary

0121 712 2075

 

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