Vectura Group plc Share buyback and cancellation (3799W)

TIDMVEC

RNS Number : 3799W

Vectura Group plc

14 November 2017

Vectura Group plc

Commences Share Buyback and Cancellation Programme

Chippenham, UK - 14 November 2017: Vectura Group plc (LSE: VEC) ("Vectura", "the Group"), announces that the Board has approved a share buyback to return up to GBP15 million of capital to shareholders. A purchase for cancellation programme of Vectura ordinary shares of GBP0.00025 each (the "Shares") will commence today up to a maximum consideration of GBP15 million over the next six months (the "Buyback").

The Group benefits from a strong capital position, with substantial cash of GBP90.5 million as at 30 June 2017, and multiple in-market drivers of long-term recurring revenue alongside a broad pipeline with significant future value potential also generating ongoing development service revenues from partnered projects. The Board believes that in addition to the implementation of the current investment strategy, the Buyback reflects strong financial management discipline and is an efficient allocation of capital.

Vectura has entered into an agreement with Numis Securities Limited ("Numis") on 13 November 2017 to enable Numis to use the maximum consideration of GBP15 million from today until a period expiring on 11 May 2018 to purchase Shares in accordance with the terms of the general authority to make market purchases of up to 67,872,000 of its Shares granted to Vectura by its shareholders at the 2017 Annual General Meeting held on 25 May 2017. The purpose of the Buyback is to reduce the share capital of Vectura and any Shares purchased will be cancelled.

Numis will make its trading decisions in relation to the Buyback independently of, and uninfluenced by, Vectura.

Any purchase of Shares pursuant to the agreement with Numis will be carried out on the London Stock Exchange and executed in accordance with Article 5(1) of Regulation (EU) No 596/2014, the Commission Delegated Regulation (EU) 2016/1052 and Chapter 12 of the Financial Conduct Authority's Listing Rules.

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Enquiries

 
Vectura Group plc                                                [phone] 
Andrew Derodra - Chief Financial Officer 
John Murphy - General Counsel and Company Secretary 
Fleur Wood - Director Communications 
Elizabeth Knowles - Director Investor Relations and Analysis 
 
 
Consilium Strategic Communications                               [phone] 
Mary-Jane Elliott / Jessica Hodgson / Chris Welsh                [e-mail] 
 
 
 
 Numis Securities Limited [phone] 
 Clare Terlouw 
 James Black 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 14, 2017 02:01 ET (07:01 GMT)