Share Repurchase Programme

Whitbread PLC

26 January 2024

 

SHARE REPURCHASE PROGRAMME

Further to the announcement made on 18 October 2023, regarding the launch of a share buy-back programme of up to £300 million (the 'Programme'), Whitbread PLC ('Whitbread' or the 'Company') announces that it has agreed with J.P. Morgan Securities plc ('JPMS'), to extend the engagement period for the buy-back, such that the Programme will end no later than 24 April 2024.  

JPMS shall continue to make a simultaneous on-sale of Ordinary Shares of 76 122/153 pence each ('Ordinary Shares') purchased under the instructions to Whitbread.  JPMS will make their trading decisions in relation to the Programme independently of, and uninfluenced by the Company.

The maximum number of Ordinary Shares that can be purchased under the Programme is 14,138,162 Ordinary Shares (based on authority granted at Whitbread's 2023 Annual General Meeting). The purpose of the Programme is to reduce the share capital of the Company. Ordinary Shares purchased under the Programme will be cancelled or (to the extent permitted by law) held in treasury. The number of Shares acquired to date under the Programme is 7,274,357 for a total consideration of £243.3m.

Any purchase of Ordinary Shares made by JPMS in relation to the Programme will be carried out on the London Stock Exchange plc, Cboe Europe Limited or Aquis Stock Exchange Limited.  The buy-back by Whitbread will be executed in accordance with the Listing Rules and Whitbread's general authority (from time to time) to make market purchases of Ordinary Shares.  The Programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014, the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures. Whitbread will announce any purchase by it of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

JPMS may undertake transactions in shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the period of the Programme in order to manage their market exposure under the Programme. Disclosure of such transactions will not be made by JPMS as a result of or as part of the Programme, but JPMS will continue to make any disclosures they are otherwise legally required to make.

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

For more information please contact:

Investor Relations -  Whitbread                                                            [e-mail]

 

Media - Teneo                                                                                      [e-mail]

Jessica Reid                                                                                         [phone]

 

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