Bellway PLC Share Buyback Programme -- Second Tranche (0441D)
19 Giugno 2023 - 8:00AM
UK Regulatory
TIDMBWY
RNS Number : 0441D
Bellway PLC
19 June 2023
Bellway p.l.c.
Share Buyback Programme - Second Tranche
19 June 2023
Further to the announcement of the successful completion of the
first tranche of its Buyback Programme on 16 June 2023, Bellway
p.l.c. ("Bellway" or the "Group") today announces the commencement
of the second tranche of its GBP100 million share buyback programme
that was announced on 28 March 2023 (the "Buyback Programme").
Bellway completed the first tranche of its Buyback Programme
(the "First Tranche") on 16 June 2023. In aggregate, between 28
March 2023 and 16 June 2023, Bellway repurchased 2,147,455 ordinary
shares for an aggregate consideration of c.GBP50 million, excluding
stamp duty and expenses.
It is intended that, subject to market conditions, the second
tranche of the Buyback Programme (the "Second Tranche"), which will
also be in an amount of c. GBP50 million, will be completed no
later than 16 November 2023. As announced on 28 March 2023, the
purpose of the Buyback Programme is to return surplus capital to
shareholders and reduce the Group's share capital. As such, all
ordinary shares repurchased by Bellway pursuant to the Second
Tranche will be cancelled.
Bellway has entered into a non-discretionary arrangement with
Citigroup Global Markets Limited ("Citi") to conduct the Second
Tranche of the Buyback Programme on Bellway's behalf. Under this
arrangement, Citi will act as riskless principal and make trading
decisions independently from Bellway in accordance with certain
pre-set parameters.
The maximum aggregate consideration under the Second Tranche is
GBP50 million (excluding stamp duty and expenses). The Second
Tranche will be undertaken in the period commencing 19 June 2023
and end no later than 16 November 2023.
Any share purchases will be made in accordance with certain
pre-set parameters set out in the terms of Citi's engagement, the
general authority of Bellway to repurchase shares granted by
shareholders at Bellway's 2022 Annual General Meeting held on 16
December 2022 (which permits Bellway to purchase no more than
12,348,737 of its ordinary shares (including those shares already
repurchased pursuant to the First Tranche of the Buyback
Programme)), the Market Abuse Regulation 596/2014 and the
Commission Delegated Regulation (EU) 2016/1052 (as in force in the
UK, from time to time, including, where relevant, pursuant to the
UK's European Union (Withdrawal) Act 2018 and the Market Abuse
(Amendment) (EU Exit) Regulations 2019), as well as applicable laws
and the regulations of the UK Financial Conduct Authority
(including Chapter 12 of the Listing Rules).
Bellway will make further announcements to shareholders in
respect of purchases of shares under the Second Tranche in due
course. Note there is no guarantee that the Buyback Programme will
be implemented in full.
For further information, please contact:
Bellway p.l.c.
Keith Adey, Group Finance Director
0191 217 0717
Gavin Jago, Group Investor Relations Director
0191 217 0717
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END
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