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VTU Vertu Motors Plc

78.50
0.00 (0.00%)
24 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Vertu Motors Plc LSE:VTU London Ordinary Share GB00B1GK4645 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 78.50 78.40 79.20 78.90 78.40 78.50 407,598 16:35:25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Motor Veh Dealer (used Only) 4.72B 25.71M 0.0762 10.29 264.68M

Vertu Motors PLC Transaction in Own Shares

15/05/2024 7:01am

RNS Regulatory News


RNS Number : 4237O
Vertu Motors PLC
15 May 2024
 

15 May 2024

Vertu Motors plc

 

("Vertu Motors" or the "Company")

 

Share Buyback Programme

 

The Company announces that it has agreed a new £3 million share buyback programme (the "Buyback Programme"). 

 

Under the Buyback Programme the Company will, at appropriate times, seek to buy back its Ordinary Shares using the Company's existing cash resources for an amount up to £3 million (the "Maximum Amount") replacing any previous programme.  The Buyback Programme is considered to be in the best interests of all shareholders and is consistent with the capital allocation strategy of the Company. 

 

The Company has entered into an agreement for its broker Stifel Nicolaus Europe Limited ("Stifel") to carry out purchases of its Ordinary Shares under the Buyback Programme on its behalf. As and when requested to do so by the Company, Stifel will seek to purchase Ordinary Shares with total purchases over the programme up to the Maximum Amount.

 

The share repurchases will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with the Company's general authority to purchase its Ordinary Shares granted by its shareholders. The total maximum number of Ordinary Shares to be purchased under the Buyback Programme is 30 million.  Share repurchases under the Buyback Programme may be undertaken until the earlier of the Maximum Amount being repurchased and 27 September 2024.  All Ordinary Shares repurchased under the Buyback Programme will be cancelled.

 

The Company will make further announcements in due course following the completion of any share repurchases.

 

The Buyback Programme, the purpose of which is to reduce the Ordinary Share capital of the Company, will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU, each as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018. 

 

- ENDS -

 

Vertu Motors plc


Robert Forrester, CEO

Tel: 0191 491 2121

Karen Anderson, CFO

Phil Clark, Investor relations

Tel: 0191 491 2121

PClark@vertumotors.com

Stifel


Matthew Blawat

Nick Harland

Tel: 0207 710 7688

 

Camarco


Billy Clegg

Tom Huddart

Tel: 020 3757 4983

 

Notes to Editors

Vertu Motors is the fourth largest automotive retailer in the UK with a network of 188 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu and Macklin Motors brand names.

Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector.  It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group.  The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 184 franchised sales outlets and 4 non-franchised sales operations from 143 locations across the UK.

Vertu's Mission Statement is to "deliver an outstanding customer motoring experience through honesty and trust".

Vertu Motors Group websites - https://investors.vertumotors.com /www.vertucareers.com

Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.vertumotorcyles.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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