NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU)
596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018.
FOR IMMEDIATE RELEASE
3 December 2024
On the Beach Group plc
("On the Beach" or the "Company")
LAUNCH OF SHARE BUYBACK PROGRAMME
On the Beach Group plc (LSE: OTB.L)
announces that it intends to commence a share buyback programme in
respect of its ordinary shares of 1p each ("Ordinary Shares") for
up to a maximum aggregate consideration of £25 million (excluding
any associated costs and stamp duty) from the date of this
announcement (the "Share Buyback Programme"). The purchased
Ordinary Shares will be cancelled.
As referenced in the Company's final
results for the year ended 30 September 2024, announced today, the
Company is debt free and has a strong cash position of
approximately £96 million. The Share Buyback Programme complements
the final dividend declared of 2.1p in those final results and is
therefore consistent with the Company's capital allocation policy
and reflects the Company's directors' continued confidence in its
future prospects.
On the Beach remains committed to
its capital allocation policy which is focused on investment into
the business to deliver organic growth, maintaining a sustainable
and progressive dividend policy, investing in additional growth
opportunities and returning surplus cash to
shareholders.
Details of the Share Buyback Programme
On the Beach has given irrevocable
and non-discretionary instruction to Peel Hunt LLP and Numis
Securities Limited trading as Deutsche Numis (together, the
"Brokers") in relation to the Share Buyback Programme, which will
commence today and will end no later than 31 March 2025 or, if
earlier, the conclusion of the Company's AGM held in 2025 or,
subject to the renewal of the requisite authority at that AGM, 30
November 2025. The Brokers will act as "riskless" or "matched"
principals for the purposes of the Share Buyback Programme, within
certain parameters, and will make their trading decisions
concerning the purchases of Ordinary Shares independently of the
Company.
The purpose of the Share Buyback
Programme is to reduce the share capital of the Company.
Any purchase of Ordinary Shares
under the Share Buyback Programme will be carried out on the London
Stock Exchange and/or other trading venues and in accordance with
the general authority to purchase Ordinary Shares granted to the
directors of the Company (the "Directors") by its shareholders at
the Company's annual general meeting in 2024 (the "2024 Authority",
or as subsequently granted to the Directors at its annual general
meeting in 2025). The maximum number of Ordinary Shares which the
Company is authorised to purchase under the 2024 Authority is
16,665,624 Ordinary Shares. The Share Buyback Programme will be
conducted in accordance with Article 5(1) of Regulation (EU)
596/2014, as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 (as amended), the provisions
of Commission Delegated Regulation (EU) 2016/1052, as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 (as amended), which deal with buyback programmes and Chapter 9
of the Financial Conduct Authority's UK Listing Rules.
On the Beach will announce any
purchase of Ordinary Shares under the Share Buyback Programme no
later than 7.30 a.m. on the business day following the calendar day
on which the purchase occurred.
The person responsible for making
this announcement on behalf of the Company is Kirsteen Vickerstaff,
General Counsel and Company Secretary.
For
further information:
|
On
the Beach Group plc
Shaun Morton, Chief Executive
Officer
Jon Wormald, Chief Financial
Officer
|
via FTI
Consulting
|
|
FTI
Consulting
|
Tel: +44 (0)20 3727
1000
|
|
Alex Beagley
Harriet Jackson
|
onthebeach@fticonsulting.com
|
|
|
|
About On the Beach
On the Beach Group plc is one of the UK's largest
online beach holidays retailers, with significant opportunities for
growth. Its innovative technology, low-cost base and strong
customer-value proposition provides a structural challenge to
legacy tour operators and online travel agents, as it continues
disrupting the online retail of beach holidays. Its model is
customer-centric, asset light, profitable and cash
generative.
www.onthebeachgroupplc.com
