Update on Share Buyback Programme
Company has purchased 7.1m shares for £17.3m under buyback programme and adjusted liquidity terms.
- Shares purchased 7,135,377
- Total consideration £17,311,177
- Buyback programme limit £25 million
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On the Beach Group plc announces that it has carried out a review of the progress of its share buyback programme (the "Programme") announced on 3 December 2024 to purchase up to £25 million worth of its ordinary shares of 1p each ("Ordinary Shares"). Since the commencement of the Programme, the Company has purchased 7,135,377 Ordinary Shares at a total consideration of £17,311,177 (excluding expenses).
Due to the current limited liquidity in the Company's issued ordinary shares, in order to proceed with the Programme in an effective manner, the Company, in discussions with its brokers, Peel Hunt LLP and Numis Securities Limited trading as Deutsche Numis, has agreed that the Programme may on any given trading day exceed 25% but remain below 50% of the average daily trading volume and, accordingly, the Company may not benefit from the exemption contained in Article 5(1) in Regulation (EU) 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended). The Company previously announced on 3 December 2024 that the Programme would be conducted so as to fall within that exemption.
No other changes have been made to the Programme or the basis on which it will be conducted (in each case as announced on 3 December 2024).
| On the Beach Group plc Shaun Morton, Chief Executive Officer Jon Wormald, Chief Financial Officer | via FTI Consulting |
| FTI Consulting Alex Beagley Harriet Jackson Hannah Butler Lia Bevan | Tel: +44 (0)20 3727 1000 onthebeach@fticonsulting.com |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.