03/15/2019 | Press release | Distributed by Public on 03/15/2019 01:14
Ei Group plc
Share Buyback Programme
Ei Group plc (LSE: 'Ei Group' or the 'Company') is today pleased to announce a share buyback programme of up to GBP35 million (the 'Programme').
Purchases of ordinary shares pursuant to the Programme will fall within the maximum of 69,536,495 ordinary shares that the Company was authorised to purchase under the general authority granted by shareholders at the Company's most recent annual general meeting held on 7 February 2019, and all shares will be purchased within the parameters as to price and daily volume specified in that authority. The Programme is currently expected to end no later than 30 September 2019. The purpose of the Programme is to reduce the share capital of the Company and return funds to shareholders who sell their shares; repurchased shares will be cancelled.
In order to effect the Programme, Ei Group has entered into an agreement with Deutsche Bank AG, London Branch ('Deutsche Bank') to carry out on-market purchases of its ordinary shares. This agreement provides Deutsche Bank with authority to carry out market purchases under the Programme independently of the Company.
The Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014, Commission Delegated Regulation (EU) No. 2016/1052 and Chapter 12 of the Financial Conduct Authority's Listing Rules. Details of all purchases made pursuant to the Programme will be announced via RNS and published on the Company's website as required by the Market Abuse Regulation.
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