Develop North PLC Replacement: Commencement of Share Buyback Program (9014T)
20 Novembre 2023 - 8:00AM
UK Regulatory
TIDMDVNO
RNS Number : 9014T
Develop North PLC
20 November 2023
REPLACEMENT: This announcement replaces that published at 07:00
on 13 November 2023 with RNS reference 1563T. The final paragraph
of the original announcement has been amended to reflect that, due
to the limited liquidity in the shares, the Company will not
benefit from the exemption contained in Article 5(1) of Regulation
(EU) No. 596/2014 as adopted into UK law by the European Union
(Withdrawal) Act 2018. The commencement date of the share buyback
programme has also been changed from 13 November 2023 to 20
November 2023. All other aspects of the announcement are unchanged
from that published on 13 November 2023.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA
OR THE UNITED STATES OF AMERICA OR TO US PERSONS, OR TO ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
For release on 20 November 2023
DEVELOP NORTH PLC
(the "Company")
Commencement of Share Buyback Programme
The Board of Develop North PLC today announces the commencement
of a share buyback programme (the 'programme') whereby the Company
will repurchase its Ordinary Shares (the 'shares') for up to a
maximum consideration of GBP500k. All shares purchased under this
programme will be held in treasury.
The Company has entered into a non-discretionary agreement with
Cavendish Capital Markets Limited, acting as principal to conduct
the programme and to repurchase shares on the Company's behalf and
to make trading decisions under the programme independently of the
Company in accordance with agreed parameters.
The programme will commence today, 20 November 2023, and will
end on 31 December 2023. The programme is subject to customary
early termination rights.
The programme will at all times be conducted in accordance with
(and within the parameters prescribed by the Company's general
authority to repurchase shares (which authorised the repurchase of
a maximum of 4,035,917 shares, being approximately 14.99% of the
Company's issued share capital) as approved by shareholders at the
Company's AGM on 27 April 2023.
Due to the limited liquidity in the shares, a buyback of shares
pursuant to the above authority on any given trading day may
represent all or a significant proportion of the daily trading
volume in the shares and could exceed 25% of the average daily
trading volume and, accordingly, the Company will not benefit from
the exemption contained in Article 5(1) of Regulation (EU) No.
596/2014 as adopted into UK law by the European Union (Withdrawal)
Act 2018.
For further information regarding Develop North PLC (LEI:
213800EXPWANYN3NEV68) please contact:
Develop North PLC +44 (0) 191 222
Ian McElroy 0099
Tier One Capital Ltd (Investment Adviser) +44 (0) 191 222
Brendan O'Grady 0099
Apex Fund Administration Services (UK)
Limited (Secretary)
Nicola Board +44 (0) 1245 398950
Cavendish Capital Markets Limited (Sponsor,
Broker and Financial Adviser) +44 (0) 207 220
William Marle 0500
Develop North PLC PLC is a closed-end investment company listed
on the main market of the London Stock Exchange and specialises in
providing finance to the residential and commercial property
sector.
The Company's investment adviser is Newcastle upon Tyne based
Tier One Capital Limited. Tier One Capital is a wealth management
and property lending firm providing financial advice services and
bespoke tailored lending to the property development market.
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDZMMMVRNGFZM
(END) Dow Jones Newswires
November 20, 2023 02:00 ET (07:00 GMT)
Grafico Azioni Develop North (LSE:DVNO)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Develop North (LSE:DVNO)
Storico
Da Dic 2023 a Dic 2024
