Pets at Home Group plc (LON:PETS) has announced the commencement of a £50 million share buyback programme. The Programme will be undertaken in two tranches. In respect of the first tranche of the Programme, the Company announces that it has entered into non-discretionary instructions with Numis Securities Limited to conduct a share buyback programme on the Company’s behalf and to make trading decisions independently of the Company (the “First Tranche Programme“).
Under the terms of the engagement with Numis, the First Tranche Programme will be for maximum aggregate consideration of £25 million. The First Tranche Programme will commence today, 26 June 2023, and will end on or before 29 September 2023. The sole purpose of the Programme is to reduce the Company’s share capital. The board of directors of the Company has decided that the shares purchased pursuant to the Programme will be cancelled.
The Programme will take place within the limitations of the authority granted to Board of the Pets at Home Group by shareholders at its annual general meeting held on 7 July 2022, pursuant to which the maximum number of shares to be bought back by the Company is 50,000,000, and is conditional on the renewal of such authority at the Company’s 2023 annual general meeting, to be held on 6 July 2023. The Programme will be in accordance with the UK version of the EU Market Abuse Regulation (596/2014) and the Commission Delegated Regulation (2016/1052), which are incorporated into English law by virtue of the European Union (Withdrawal) Act 2018, and Chapter 12 of the Financial Conduct Authority’s Listing Rules.
The second tranche of the Programme is expected to be undertaken by HSBC Bank plc. Further details in respect of these arrangements will be announced in due course.
