SSP Group plc (LON: SSPG) has today announced its intention to return up to £100,000,000 to its shareholders through an on-market share buyback programme underpinning its confidence in the business and commitment to maintain an efficient balance sheet. The Programme will begin immediately and will end no later than 20 November 2020. The sole purpose of the Programme is to reduce the Company’s issued share capital.
The number of ordinary shares of 1 17/200 pence each in the Company permitted to be purchased by the Company pursuant to the existing authority granted by shareholders at its annual general meeting on 21 February 2019 is 44,476,261 Ordinary Shares. Following the expiry of this authority, the aggregate number of Ordinary Shares permitted to be purchased by the Company shall be the number authorised under any subsequent buyback authority.
SSP Group has entered into an arrangement with Barclays Bank PLC (LON: BARC), acting through its Investment Bank, in relation to the Programme. Purchases of Ordinary Shares pursuant to the Programme will be made by Barclays on the Company’s behalf in accordance with the Arrangement and, in the case of any purchases made during closed periods, shall be made independently of, and uninfluenced by, the Company. The purchased Ordinary Shares will be held in treasury.
Any purchases of Ordinary Shares made in relation to this announcement will be effected in accordance with the authority granted by shareholders from time to time, the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules and will be discontinued in the event that the Company ceases to have the necessary general authority to repurchase Ordinary Shares.