Purchase of Own Shares

RNS Number : 3357A

Guinness Peat Group PLC

19 March 2013

 



GUINNESS PEAT GROUP PLC

("GPG" or the "Company")

ANNOUNCEMENT OF PURCHASE OF OWN SHARES AND
COMPLETION OF BUYBACK PROGRAMME

Purchase of own shares

GPG announces that on 19 March 2013 it purchased for cancellation 69,500,000 of its ordinary shares of 5 pence each from Macquarie Capital (Europe) Limited ("Macquarie") pursuant to GPG's previously announced share buyback programme.

The highest price paid was 33.94 pence per ordinary share and the lowest price paid was 33.94 pence per ordinary share.      

Completion of buyback programme

Pursuant to the buyback programme announced by GPG on 3 September 2012 and extended to £70 million on 25 October 2012, GPG has now bought back an aggregate of 217,580,785 ordinary shares for an aggregate value of £69,976,714 (exclusive of associated expenses).  As the aggregate purchases amount to approximately £70 million, GPG has terminated the buyback programme with immediate effect.  Macquarie's role (and that of its affiliates, including Macquarie Securities (New Zealand) Limited) in relation to the buyback programme has accordingly also terminated.

Further capital management initiatives

As announced on 27 February 2013, the Board continues to review how best to use cash proceeds from the programme of asset realisation to pursue capital management initiatives and will continue to review appropriate mechanisms to return further surplus cash to shareholders as the asset realisation process progresses; including making efforts to facilitate exits for those small shareholders who are seeking an efficient route to realisation of their investment.  The quantum and timing of future cash distributions will be determined taking into account, in particular, the Group's obligation to support the Staveley and Brunel pension schemes and the appropriate capital structure to be established for "New Coats".  Further capital management initiatives will be outlined to shareholders at or prior to the forthcoming 2013 annual general meeting.

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

19 March 2013

Enquiry details are:

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

UK media:                                                             Kevin Smith on:                                                [phone]

 

END

 

 

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