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Franchise Brands PLC - Share Repurchase Programme

RNS Number : 5343Y
Franchise Brands PLC
02 January 2020
 

2 January 2020

 

FRANCHISE BRANDS PLC

("Franchise Brands", "the Group" or "the Company")

 

SHARE REPURCHASE PROGRAMME

 

Franchise Brands announces that from 1 January 2020 until 30 June 2020, it will continue its discretionary programme to buyback ordinary shares of 0.5 pence each in the Company ("Ordinary Shares"), up to a value of £200,000 (the "Programme"). This is a continuation of the programme that commenced in 2018 and has seen the Company purchase a total of [538,700] Ordinary Shares into treasury. Pursuant to the announcement on 28 August 2019, [513,700] Ordinary Shares held in treasury were withdrawn from treasury in part fulfillment of options exercised. The Company currently holds [25,000] Ordinary Shares in treasury.

 

The Group is cash generative and therefore intends to continue the share repurchase programme to offset the dilutive impact of employee share option awards, focusing on overall shareholder return. Ordinary Shares purchased under the Programme will therefore be held in Treasury to enable the Company to meet obligations arising from share option programmes.

 

The Programme will be conducted by the Company in accordance with and under the terms of the general authority granted by the Company's shareholders at the Company's Annual General Meeting on 23 April 2019 to purchase up to 7,773,203 shares. This authority will expire at the end of the next Annual General Meeting of the Company in 2020 or, if earlier, at the close of business on 23 July 2020 ("2019 Authority").

 

The Company has entered into an arrangement with its joint broker, Dowgate Capital Limited, to carry out on-market purchases of Ordinary Shares on its behalf under the Programme, including on a discretionary basis independent of the Company during any prohibited periods of the Company, as determined by the Market Abuse Regulation 596/2014/EU ("MAR"), which may fall during the period of the Programme. The Programme will be conducted in accordance with the provisions of MAR relating to share buy-back programmes, including in accordance with relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. The Company confirms that it currently has no unpublished Inside Information.

 

Enquiries:

 

Franchise Brands plc

+44 (0) 1562 826705

Stephen Hemsley, Executive Chairman


Chris Dent, Chief Financial Officer




 

Allenby Capital Limited (Nominated Adviser and Joint Broker)

 

+44 (0) 203 328 5656

Jeremy Porter / Liz Kirchner

 




 

Dowgate Capital Limited (Joint Broker)

 

+44 (0) 203 903 7715

James Serjeant / Colin Climie

 

 




MHP Communications (Financial PR)

+44 (0) 203 128 8100

Katie Hunt


 


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 [email protected] or visit www.rns.com.
 
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Quick facts: Franchise Brands PLC

Price: 116.5

Market: AIM
Market Cap: £92.6 m
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