Euromoney Institutional InvestorPLC Euromoney - Update on Share Buyback (3955R)

TIDMERM TIDMDMGT

RNS Number : 3955R

Euromoney Institutional InvestorPLC

09 December 2016

FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATION OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Euromoney Institutional Investor PLC

("Euromoney" or the "Company")

Update on Daily Mail and General Trust plc ("DMGT") placing and Euromoney buyback to deliver Euromoney greater financial control and strategic autonomy

The Company refers to its announcement of 8 December 2016 regarding DMGT's agreement to sell c.10 per cent of the Company's issued share capital to certain institutional investors by means of an accelerated bookbuild (the "Placing") and the agreement between Euromoney, DMGT and a wholly-owned subsidiary of DMGT to acquire c.15 per cent of the Company's issued share capital by means of an off-market share buyback (the "Buyback"), and to the announcement by DMGT on 9 December 2016 regarding the results of the Placing.

The Board is pleased to note that DMGT has committed to sell c.13.0 million shares in Euromoney under the Placing, representing 10.2 per cent of the Company's issued share capital, at a price of GBP9.75 per share.

Further to yesterday's announcement it has also been agreed that Euromoney will acquire c.19.2 million of its own shares under the Buyback, representing 15.0 per cent of the Company's issued share capital, at a price of GBP9.75 per share, the same price as the Placing.

The Company intends to publish a circular to seek shareholder approval for the Buyback at a general meeting expected to be held before the end of December 2016. The Company will continue to update the market as appropriate.

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Enquiries:

Euromoney Institutional Investor PLC

Colin Jones, Finance Director

[phone]; [e-mail]

FTI Consulting

Charles Palmer, Senior Managing Director

[phone]; [e-mail]

Ondra

Michael Tory, Partner

[phone]

HSBC

Oliver Smith, Managing Director

[phone]

HSBC Bank plc ("HSBC"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK is acting as joint financial adviser and as sponsor (in relation to the advice required under LR 13.6.1(5)) to Euromoney and no one else in connection with the Buyback or any other matter referred to in this announcement. In connection with such matters, HSBC, its affiliates, and its or their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Euromoney for providing advice in relation to the Buyback or any other matter referred to in this announcement.

Ondra LLP ("Ondra"), which is authorised and regulated by the Financial Conduct Authority in the UK is acting as financial adviser to Euromoney and no one else in connection with the Buyback or any other matter referred to in this announcement. In connection with such matters, Ondra, its affiliates, and its or their respective partners, directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Euromoney for providing advice in relation to the Buyback or any other matter referred to in this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

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(END) Dow Jones Newswires

December 09, 2016 02:00 ET (07:00 GMT)