Notice of GM
Baltic Classifieds Group PLC is seeking additional buyback authority at a General Meeting to enhance capital returns, as the Board believes the current share price undervalues the company's fundamentals. Since the September 2025 AGM, the company has repurchased £62.5 million worth of shares, retiring 32,751,698 shares, representing approximately 6.8% of its issued share capital. The proposed incremental authority would allow for the purchase of up to an additional 10% of issued share capital, supported by strong free cash flow generation and new debt facilities.
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Baltic Classifieds Group PLC (LSE: BCG), the leading online classifieds group in the Baltics, announces that in order to provide increased capital returns flexibility, the Board of BCG (the "Board") intends to seek additional buyback authority.
The Company confirms that the Notice of General Meeting ("GM") has today been issued to shareholders and is available to download from the Company's website at https://balticclassifieds.com. The GM will be held at 11.00 am (local time) / 9.00 am (BST) on Wednesday 27 May 2026, at Hotel Telegraaf, Vene St. 9, Tallinn, Estonia.
The Board believes that the prevailing BCG share price does not reflect the Company's underlying fundamentals or long-term prospects. The authority obtained at the Annual General Meeting in September 2025 (the "2025 AGM") allowed BCG to purchase a maximum of 48,435,267 shares. Since the 2025 AGM, BCG has made good progress with its buyback programme. As at 21 April 2026, the Company has completed £62.5 million of repurchases, retiring 32,751,698 shares, representing approximately 6.8 per cent of the issued share capital.
Given the level of buybacks completed under the 2025 AGM authority, the Company intends to seek an incremental one-off authority, in advance of the Annual General Meeting in September 2026 (the "2026 AGM"), to purchase up to a maximum of 10 per cent of the issued share capital.
BCG continues to see strong free cash flow generation and has put in place incremental debt facilities to facilitate a more accelerated share buyback programme.
Trevor Mather, Chair of the Board of Directors of Baltic Classifieds Group, said:
"BCG's continued resilient performance and confidence in its long-term outlook, together with the strength of our balance sheet have enabled the Board to consider alternatives to increase returns to shareholders. The Company has made good progress under its existing buyback programme, and following consultation with a number of our shareholders, is pleased to seek further authority to increase the size of the programme. The Board remains committed to its stated capital allocation framework and priorities, and believes that share buybacks represent an attractive use of capital at the prevailing share prices"
In accordance with UK Listing Rules 6.4.1, copy of the Notice of Meeting and form of proxy for the GM have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.