Buyback programme

RNS Number : 2845T

Vertu Motors PLC

11 October 2017

 

11 October 2017

Vertu Motors plc

("Vertu Motors" or the "Company")

Buyback programme

The Company announces its intention to extend and continue the share buyback programme announced on 26 July 2017 (the "Buyback Programme").

The Buyback Programme was for an amount up to £3.0 million and of this, the Company has spent £1,612,747.  3,767,030 of the Company's ordinary shares of 10p each ("Ordinary Shares") have been purchased to date at an average price of 42.81p.

The Company proposes to extend the Buyback Programme to the purchase of Ordinary Shares up to a further £3.0 million in addition to the amount already spent.  This would result in a total maximum amount of £4,612,747.

The Company will seek to buy back its Ordinary Shares at appropriate times and considers, at the present time, the Buyback Programme to be in the best interests of all shareholders. 

The Company has entered into an agreement for its broker Canaccord Genuity Limited ("Canaccord Genuity") to carry out purchases of its Ordinary Shares under the Buyback Programme on its behalf. Canaccord Genuity will seek to purchase further Ordinary Shares up to the value of £3.0 million.   The total maximum number of Ordinary Shares to be purchased is capped at 30 million, based upon the nominal value of the Company's Ordinary Shares.

The share repurchases will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with both the Company's general authority to purchase its Ordinary Shares granted by its shareholders and the Market Abuse Regulation 596/2014 ("MAR"). Share repurchases will be undertaken until the earlier of the Maximum Amount being repurchased and the 2018 Annual General Meeting of the Company. Any Ordinary Shares repurchased will be cancelled.

The Company will make further announcements in due course following the completion of any share repurchases.

The Buyback Programme, the purpose of which is to reduce the Ordinary Share capital of the Company, will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU. 

For further information please contact:

Vertu Motors plc Robert Forrester, CEO Michael Sherwin, CFO	Tel: [phone] Tel: [phone]
Canaccord Genuity Limited Bruce Garrow Chris Connors Richard Andrews	Tel: [phone]
Zeus Capital Limited Dominic King	Tel: [phone]
Camarco Billy Clegg Tom Huddart	Tel: [phone]

Notes to Editors

Vertu Motors, the UK automotive retailer with a proven growth strategy, is the sixth largest automotive retailer in the UK with a network of 124 sales outlets across the UK.  Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell and Macklin Motors brand names.

Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector.  It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group.  The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 121 franchised sales outlets and 3 non-franchised sales operations from 104 locations across the UK.

Vertu Motors Group websites - www.vertumotors.com / www.vertucareers.com

Vertu brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.farnelljaguar.com / www.vertuvolkswagen.com / www.vertumercedes-benz.com

 

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