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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eddie Stobart Logistics Plc | LSE:ESL | London | Ordinary Share | GB00BD8QVC95 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.50 | 15.50 | 16.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLDG
RNS Number : 3435V
Logistics Development Group PLC
04 April 2023
4 April 2023
Logistics Development Group plc
("LDG" or the "Company")
Commencement of Share Buyback Programme
Further to the Results of General Meeting announcement dated 6 March 2023, LDG today announces the commencement of a share buyback programme to purchase up to 112,352,944 ordinary shares of GBP0.01 each in the Company ("Ordinary Shares") (the "Share Buyback"). The Share Buyback will end no later than on the conclusion of the annual general meeting of the Company in 2024, and the Ordinary Shares purchased under the Share Buyback will be cancelled.
As previously announced, through the share purchases under the Share Buyback, the Company intends to implement a discount management policy, targeting a share price discount to net asset value ("NAV") per share of no more than 15% in normal market conditions.
The Company's net asset value per Share (the "Net Asset Value per Share") is currently 20.4 pence per Share. If the Company publicly announces a new net asset value during the term of the Share Buyback, such new value per share will be the Net Asset Value per Share until and unless a further revision is publicly announced by the Company.
The Company has entered into an irrevocable, non-discretionary agreement with Investec Bank plc ("Investec") to conduct the Share Buyback on its behalf and carry out on-market purchases of Ordinary Shares, acting as principal, and to on-sell such Ordinary Shares to the Company.
The Share Buyback will be carried out, as far as possible, in accordance with Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018) ("UK MAR") and the Commission Delegated Regulation (EU) No 2016/1052 (as it forms part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018). Accordingly, Investec will make trading decisions in relation to the Share Buyback independently of the Company. Any purchases of Ordinary Shares under the Share Buyback will be carried out in accordance with certain pre-set parameters (including as to price and volume) set out in the agreement between the Company and Investec, and in accordance with the Company's authority to repurchase Ordinary Shares granted by its shareholders at the general meeting on 6 March 2023 (the "Buyback Authority").
The maximum number of Ordinary Shares that may be repurchased under the Share Buyback is 112,352,944, being the number of Ordinary Shares the Company is authorised to repurchase under the Buyback Authority.
The Company will make further announcements in due course following any repurchases. There is no guarantee that the Share Buyback will be implemented in full or that any Ordinary Shares will be repurchased by the Company.
At the time of this announcement, the Company's issued share capital comprises 561,764,720 Ordinary Shares, carrying one vote per share, of which nil are held by the Company in treasury.
For enquiries:
Logistics Development Via FTI Consulting Group plc FTI Consulting Nick Hasell Alex Le May Cally Billimore +44 (0) 20 3727 1340 Strand Hanson Limited (Financial and Nominated Adviser) Richard Johnson James Dance Abigail Wennington +44 (0) 20 7409 3494 Investec Bank plc (Broker) Gary Clarence Harry Hargreaves +44 (0) 20 7597 5970
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POSBGGDSLBGDGXS
(END) Dow Jones Newswires
April 04, 2023 06:18 ET (10:18 GMT)
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