Launch of Share Buyback Programme

RNS Number : 7817B

City Pub Group PLC (The)

05 October 2022

 

5 October 2022

The City Pub Group plc  

(the "Company")

LAUNCH OF SHARE BUYBACK PROGRAMME

The City Pub Group plc (AIM: CPC), the owner and operator of 40 premium pubs across Southern England and Wales and a further two development sites, today announces that it intends to commence a share buyback programme in respect of its ordinary shares of 1p each ("Ordinary Shares") up to an initial maximum value of £2 million worth of Ordinary Shares from the date of this announcement (the "Share Buyback Programme") with the option to extend the Share Buyback Programme by an additional £1 million, as referenced in the Company's interim results announcement on 21 September 2022. The purchased Ordinary Shares will be held in treasury.

Details of the Share Buyback Programme

The Company has given an irrevocable and non-discretionary instruction to Peel Hunt LLP and Liberum Capital Limited, acting as 'riskless' or 'matched' principal, in relation to the Share Buyback Programme, which will commence today and will end no later than 20 September 2023.

Any purchases of Ordinary Shares contemplated by this announcement will be effected within certain pre-set parameters. These arrangements are in accordance with the authorities granted by the Company's shareholders at its annual general meeting held on 8 June 2022 in respect of market repurchases of Ordinary Shares.

Due to the limited liquidity in the Ordinary Shares, the Share Buyback Programme may on any given trading day exceed 25 per cent of the average daily trading volume and, accordingly, the Company may not benefit from the exemption contained in Article 5(1) in the UK version of the Market Abuse Regulations (Regulation (EU) No 596/2014) as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018.

Any market repurchase of Ordinary Shares will be announced no later than 7:30 a.m. on the business day following the calendar day on which the repurchase occurred. All Ordinary Shares repurchased will be held in treasury.

For further information:
The City Pub Group plc	via Instinctif Partners
Clive Watson, Executive Chairman Holly Elliott, CFO
Instinctif Partners	Tel: [phone]
Matthew Smallwood
Liberum Capital Limited (Nomad & Broker)	Tel: [phone]
Chris Clarke Edward Thomas Kane Collings
Peel Hunt LLP (Joint Broker)	Tel: [phone]
George Sellar Andrew Clark Lalit Bose

 

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