Cancellation of treasury shares

RNS Number : 6003B

Georgia Capital PLC

10 June 2019

 

                London, 10 June 2019

Cancellation of shares bought back under buyback programme

Georgia Capital PLC (the "Group" or "Georgia Capital") announces, that its board of directors (the "Board") has approved the following changes to the US$45 million share buyback programme (the "Programme"), commenced on June 14, 2018:

·    the cancellation of 2,000,000 treasury shares bought back under the Programme; and

·    the transfer of 686,468 treasury shares bought back under the Programme to JSC Georgia Capital Executive Equity Compensation Trust (the "Trust").

The Board believes that the cancellation reflects the Group's strong financial position and is an efficient allocation of capital. Since the commencement of the Programme, 2,686,468 shares have been purchased by the Group for US$36.6 million to date, all of which are held in treasury. Following these changes, Georgia Capital will continue its buyback programme as initially announced on 14^th of June 2018.

The Group will make further announcements in due course following the completion of the above mentioned transactions. Upon settlement of the transactions, total number of ordinary shares in issue will be 37,384,712, while the number of shares held in Trust will be 2,363,218 shares (of which, 945,527 shares are allocated to existing awards).

Name of authorised official of issuer responsible for making notification: Nino Rekhviashvili, Head of Investor relations

About Georgia Capital PLC

Georgia Capital is the holding company of a diversified group focused on investing in and developing businesses in Georgia with holdings in sectors that are expected to benefit from the continued growth and further diversification of the Georgian economy, the opening of the Georgian economy to Europe and economic development in the wider region. The Group seeks to capture growth in the sectors in which it currently operates and drive the development of new high-growth businesses in Georgia, which it intends to add either by acquiring businesses in their early development stage or by establishing greenfield businesses, often consolidating fragmented or underdeveloped markets. The Group currently has four key portfolio companies: (i) GGU, a water utility and renewable energy business; (ii) m², a residential and commercial property developer; (iii) Aldagi, the foremost provider of property and casualty insurance products in Georgia; and (iv) Teliani, a leading wine and beer producer in Georgia. In addition to its portfolio companies, the Group holds investments in two London Stock Exchange premium-listed Georgian businesses: GHG, (57% stake), the parent company of the largest and diversified healthcare provider in Georgia, which operates in the healthcare services, pharmacy and medical insurance sectors; and Bank of Georgia Group PLC, (19.9% stake), a leading universal bank in Georgia.

JSC Georgia Capital has, as of the date hereof, the following credit ratings:
S&P Global	'B+'/FC & 'B+'/LC
Moody's	B2/CFR & B2/PDR

For further information, please visit www.georgiacapital.ge or contact: 

Irakli Gilauri	Giorgi Alpaidze	Nino Rekhviashvili
Chairman and Chief Executive	Chief Financial Officer	Head of Investor Relations
[e-mail]	[phone]	+ 995 322 005 045
	[e-mail]	[e-mail]

This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities

 

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