TIDMTOWN
RNS Number : 5676X
Town Centre Securities PLC
06 January 2022
6 January 2022
Town Centre Securities PLC
('The Company' or 'TCS')
Commencement of New Share Buy-back Programme
Town Centre Securities Plc, the Leeds , Manchester, Glasgow and
London property investment, development and car park operator,
today announces the launch of a new share buy-back programme (the
"Programme"); this follows an earlier share buy-back programme
which commenced on 17 June 2021 and ended immediately prior to the
Company's AGM on 29 December 2021.
The new buy-back reflects the fact that the Board remains
acutely aware of the significant discount that the Company's shares
trade at relative to TCS's last reported net asset value (NAV) per
share of 292p (EPRA NTA per share - 284p); both numbers stated as
at 30 June 2021.
The Board regularly reviews capital allocation to optimise
long-term returns for shareholders; reflecting this TCS has
continued to make disposals of non-core assets to reduce debt,
whilst investing part of the proceeds in our asset management,
development opportunities and car park business. Given the wide
discount referred to above, the Board believes that share buybacks
are an appropriate means of returning value, whilst maximising
sustainable long term growth for shareholders, given the
enhancement to NAV and earnings per share that will result from
reducing the number of shares in issue.
TCS implemented a highly successful share buy-back programme in
the early 2000's, which significantly enhanced shareholder returns
in subsequent years. TCS also implemented a share buy-back
programme in the second half of 2021, with a total of 386,973
shares purchased as part of this programme, returning GBP533,271 to
shareholders.
Accordingly, the Company today announces the commencement of the
Programme, for the repurchase of its ordinary shares of up to a
total value of GBP5.0 million. The Programme is expected to
continue until the date of the Company's financial year end, being
30 June 2022 . No purchases will be made by the Company under the
Programme unless they are accretive on a per-share net asset value
basis.
Any purchase of ordinary shares will be executed in accordance
with the Company's general authority to repurchase ordinary shares
granted by its shareholders at its AGM on 29 December 2021, up to a
maximum of 7,916,246 ordinary shares, representing 15% of the
Company's issued share capital. The purpose of the Programme is to
reduce the ordinary share capital of the Company.
The Board will keep the Programme under review to make sure it
continues as an efficient and effective means of generating value
for shareholders. While the Company has launched the Programme,
there is no certainty on the volume of shares that may be acquired
under the Programme and the pace of acquisitions.
The Programme will also be effected in accordance with the
Market Abuse Regulation 596/2014/EU (as in force in the UK and as
amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019)
(the "Regulation") and Chapter 12 of the UK Listing Rules. Given
the level of liquidity in the Company's shares, the Company will
retain the ability to exceed the average daily volume restrictions
established by the Commission Delegated Regulation 2016/1052/EU (as
in force in the UK and as amended by the FCA's Technical Standards
(Market Abuse Regulation) (EU Exit) Instrument 2019) (the
"Delegated Regulation") and therefore the Programme may not fall
within the safe harbour provisions of the Regulation.
In advance of moving into a closed period ahead of its half year
results for the period ending 31 December 2021 (the "Closed
Period"), the Company will enter into an irrevocable commitment
with Liberum to continue the Programme through a non-discretionary
mandate, under which Liberum will make purchases of shares within
certain pre-set parameters independently of, and uninfluenced by,
the Company for the duration of the Closed Period. Under the terms
of the non-discretionary mandate, Liberum will retain the ability
to exceed the average daily volume restrictions set out in the
Delegated Regulation. Thereafter, the Programme will continue on
the basis set out above.
Liberum will purchase the Company's ordinary shares as
principal. Shares purchased through the Programme will be
cancelled. The Company will make further announcements in due
course following the purchase of any shares under the
Programme.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information, please contact:
Town Centre Securities PLC www.tcs-plc.co.uk / @TCS PLC
Edward Ziff, Chairman and Chief Executive
0113 222 1234
Stewart MacNeill, Group Finance Director
MHP Communications
tcs@mhpc.com
Reg Hoare 020 3128 8572 / 8742
Liberum
www.liberum.com
Jamie Richards / Lauren Kettle / Nikhil Varghese
020 3100 2123
Peel Hunt www.peelhunt.com
Carl Gough / Henry Nicholls
020 3597 8673 / 8640
Notes to Editors:
Town Centre Securities PLC (TCS) is a Leeds based property
investor and car park operator with assets of over GBP360m. With
more than 50 years' experience, a commitment to sustainable
development and a reputation for quality and innovation, TCS
creates mixed use developments close to transport hubs in major
cities across the UK.
For more information visit www.tcs-plc.co.uk
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END
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(END) Dow Jones Newswires
January 06, 2022 01:59 ET (06:59 GMT)
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