Share Buyback Programme

RNS Number : 9580T

SSP Group PLC

20 November 2019

 

LEI: 213800QGNIWTXFMENJ24

20 November 2019

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR INVITATION TO PURCHASE ANY SECURITIES IN ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR APPROVAL.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

SSP GROUP PLC
(the "Company")

Share Buyback Programme

SSP Group plc announces its intention to return up to £100,000,000 to its shareholders through an on-market share buyback programme (the "Programme") underpinning its confidence in the business and commitment to maintain an efficient balance sheet. The Programme will begin immediately and will end no later than 20 November 2020. The sole purpose of the Programme is to reduce the Company's issued share capital.

The number of ordinary shares of 1 17/200 pence each in the Company ("Ordinary Shares") permitted to be purchased by the Company pursuant to the existing authority granted by shareholders at its annual general meeting on 21 February 2019 is 44,476,261 Ordinary Shares. Following the expiry of this authority, the aggregate number of Ordinary Shares permitted to be purchased by the Company shall be the number authorised under any subsequent buyback authority.

The Company has entered into an arrangement with Barclays Bank PLC, acting through its Investment Bank, ("Barclays") in relation to the Programme (the "Arrangement"). Purchases of Ordinary Shares pursuant to the Programme will be made by Barclays on the Company's behalf in accordance with the Arrangement and, in the case of any purchases made during closed periods, shall be made independently of, and uninfluenced by, the Company. The purchased Ordinary Shares will be held in treasury.

Any purchases of Ordinary Shares made in relation to this announcement will be effected in accordance with the authority granted by shareholders from time to time, the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules and will be discontinued in the event that the Company ceases to have the necessary general authority to repurchase Ordinary Shares.

For further information contact:

Helen Byrne, Company Secretary & General Counsel, SSP Group plc

+ 44 (0)20 7543 3300

 Investor and analyst enquiries

Sarah John, Director of Investor Relations, SSP Group plc

[phone]; E-mail: [e-mail]

Media enquiries

Peter Ogden / Lisa Kavanagh, Powerscourt

[phone]; E-mail: [e-mail]

About SSP

SSP is a leading operator of food and beverage concessions in travel locations, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations. With over 50 years of experience, today we have more than 39,000 employees, serving approximately one and a half million customers every day. We have business at approximately 180 airports and 300 rail stations, and operate more than 2,800 units in 35 countries around the world.

SSP operates an extensive portfolio of more than 550 international, national, and local brands. Among these are local heroes such as Brioche Doree in Paris, LEON in London, and Hung's Delicacies in Hong Kong. Our range also includes proprietary brands created for the travel sector including Upper Crust, Cabin Bar and Ritazza, as well as international names such as M&S, Burger King, Starbucks, Jamie's Deli and YO! Sushi. We also create stunning bespoke concepts such as Five Borough Food Hall in JFK, New York and Norgesglasset Bar in Oslo Airport.

www.foodtravelexperts.com

IMPORTANT NOTICE

Barclays, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and no one else in connection with the buyback programme and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Barclays nor for providing advice in relation to the buyback programme or any other matter referred to in this announcement.

 

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