Intended Transaction in Own Shares

RNS Number : 3644L

Guinness Peat Group PLC

03 September 2012

 

GUINNESS PEAT GROUP PLC

("GPG" or the "Company")

ANNOUNCEMENT OF INTENTION TO BUY BACK SHARES

GPG announces its intention to undertake a buy back of its ordinary shares with a market value of up to £10 million in accordance with its current authority to undertake buy backs provided by special resolution of GPG shareholders at the 2012 annual general meeting (AGM).  As foreshadowed at the AGM, the GPG board has now decided that the Company's current financial position presents an appropriate time to undertake a buy back which will increase the asset value per remaining share as part of GPG's ongoing capital management strategies.

The buy back will be effected by Macquarie Capital (Europe) Limited (Macquarie) in conjunction with other Macquarie affiliates acting as Macquarie's agent, including Macquarie Securities (New Zealand) Limited.

Pricing

In accordance with its current authority, purchases of GPG shares will be subject to a maximum price of 105% of the average of the middle market quotations for a GPG ordinary share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased (exclusive of associated expenses). 

Timing

Macquarie's authority to effect purchases of GPG ordinary shares will commence on 7 September 2012 and will continue until the earlier of:

(a)      termination of the buy back by GPG at its discretion; and

(b)      acquisition of ordinary shares with a market value of £10 million.

GPG will make a further announcement upon termination of the buy back.

Shares repurchased by GPG from Macquarie will be cancelled and notified to the markets as required under applicable regulations.

Under the terms of its engagement with Macquarie, GPG may instruct Macquarie (i) not to purchase its ordinary shares on a particular day or (ii) to comply with trading instructions (such as to price, volume and when to be in and out of the market) and trading parameters (such as daily or weekly trading limits).

Following completion or termination of this buy back, GPG may pursue further buy backs as its financial position allows and subject always to having shareholder authority so to do.  Any such further buy backs will be announced to the market in advance.

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

3 September 2012

Enquiry details are:

New Zealand and Australian media:      Geoff Senescall on:        [phone]

UK media:                                        Kevin Smith on:             [phone]

 

END

 

 

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