Vistry Group PLC (LON:VTY) has announced that it is commencing the share buyback programme to repurchase up to £130million of ordinary shares of 50 pence each in the capital of the Company, formed of an ordinary buyback of £55million and a special buyback of £75million as previously announced on 5 September 2024 with the 2024 Half Year results.
The Programme is expected to commence today, 12 September 2024, and is expected to be completed no later than the Annual General Meeting to be held on 14 May 2025.
As previously announced,Vistry Group intends to pursue a two times adjusted earnings ordinary distribution cover in respect of a full financial year, with such distributions made through either share buybacks or dividends, the method to be determined by the Board considering all relevant factors at the time. The ordinary buyback of £55million under the Programme is in line with this capital allocation policy.
As set out in the 2024 Half Year results announcement, the special buyback of £75million under the Programme reflects the progress made with the Group’s strategy to date and further progress expected in the remainder of the year to generate surplus capital to be returned to shareholders.
The Company has entered into a discretionary arrangement with Numis Securities Ltd (“Deutsche Numis”) in relation to the purchase by Deutsche Numis, acting as principals, of the Ordinary Shares of the Company. Deutsche Numis will conduct the first tranche of the Programme, which will be for circa £43.3million. The Company will release a further announcement in due course confirming arrangements for the remainder of the Programme.
The aggregate purchase price of all Ordinary Shares acquired under the Programme will be no more than £130 million (excluding stamp duty and expenses). All Ordinary Shares purchased under the first tranche of the Programme will be cancelled.
Any purchases of Ordinary Shares contemplated by this announcement will be carried out on the London Stock Exchange and/or other recognised investment exchange(s). The Programme is in accordance with the Company’s general authority to purchase a maximum of 51,083,054 Ordinary Shares, granted by its shareholders at the Annual General Meeting held on 16 May 2024 and the purpose of the Programme is to reduce the share capital of the Company.
The Programme will be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (as in force in the UK from time to time, including where relevant pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019). The Group confirms that it currently has no other unpublished price sensitive information.
Vistry Group will announce any market repurchases of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.
