Share Buyback Programme

RNS Number : 9089G

Lookers PLC

07 March 2018

 

7 March 2018

Lookers PLC

SHARE BUYBACK PROGRAMME 

Lookers plc (the "Company") announces that, from today, it will commence an irrevocable, discretionary programme to purchase ordinary shares of 5 pence each in the Company ("Ordinary Shares") for an aggregate purchase of up to £10 million (the "Programme"). The Company has authorised the Programme to continue until 31^st December 2018.

The purpose of the Programme is to reduce the Company's share capital and accordingly the Company intends to cancel the Ordinary Shares purchased under the Programme.

Any purchases will be conducted in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. The Company confirms that it currently has no unpublished Inside Information.

The Programme will be conducted by the Company in accordance with and under the terms of the general authority (taking into account the maximum number of shares it can purchase) granted to the Board by the Company's shareholders at the Company's Annual General Meeting on 25 May 2017, until that authority expires at the 2018 Annual General Meeting, which is to be held on 25^th May 2018, and thereafter in accordance with and under the terms of any such general authority which is granted at the 2018 Annual General Meeting.  The Programme will also be conducted in accordance with Chapter 12 of the Listing Rules and the provisions of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes. 

The maximum aggregate consideration payable by the Company, in respect of the purchase of Ordinary Shares under this Programme, is £10 million. The Company has appointed its Joint Brokers, Numis Securities Ltd and Peel Hunt LLP, to execute the Programme on its behalf.  

Enquiries:

Glenda MacGeekie

Company Secretary

0161 291 0043

 

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