EBT Market Purchase Programme
On the Beach Group plc announced that its Employee Benefit Trust will commence a market purchase program of ordinary shares up to a maximum aggregate consideration of £5 million, funded by the company. These purchased shares will be used to satisfy existing and anticipated awards under employee share schemes, ensuring the company operates within shareholder-approved dilution limits.
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EBT
On the Beach Group plc, today announces that VG Corporate Trustee Limited (the "Trustee"), as Trustee of the On the Beach Group Employee Benefit Trust (No.2) (the "EBT") will shortly commence making market purchases of ordinary shares of £0.01 each in OTB ("Shares") (the "EBT Market Purchase Programme").
Purchases under the EBT Market Purchase Programme are for a maximum aggregate consideration of £5 million (inclusive of brokerage and dealing charges) which has been funded by the Company by way of gift to the EBT.
Shares purchased under the EBT Market Purchase Programme will be used to satisfy existing, planned and anticipated awards under OTB's employee share schemes, or as otherwise permissible within the terms of the EBT trust deed, in order to ensure that the Company operates within the dilution limits approved by shareholders.
| On the Beach Group plc Shaun Morton, Chief Executive Officer Jon Wormald, Chief Financial Officer | via FTI Consulting |
| FTI Consulting Alex Beagley Harriet Jackson | 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.