TBC Bank Group PLC Share Repurchase Programme (9469G)
29 Luglio 2019 - 8:01AM
UK Regulatory
TIDMTBCG
RNS Number : 9469G
TBC Bank Group PLC
29 July 2019
Share Repurchase Programme
TBC Bank Group PLC ("TBC PLC") announces that from today until
30 September 2019 it will commence a programme to purchase ordinary
shares ("Ordinary Shares"), of up to GBP20 million (the
"Programme"). The maximum aggregate number of Ordinary Shares that
may be purchased under the Programme is 1,800,000 (under both the
first and second parts as described below). The Programme will be
effected in accordance with the terms of the authority granted by
shareholders at the AGM held on 24 June 2019. It is currently
intended that any Ordinary Shares purchased will be held in
treasury. The purpose of the Programme would, in respect of the
first 470,000 Ordinary Shares, be to allow TBC PLC to meet
obligations arising from share option programmes and other
allocations of shares to employees. Any repurchases beyond that
amount would be for the purposes of reducing the capital. TBC PLC
believes that the current share price undervalues the group and
therefore presents an opportunity to create economic value by
repurchasing Ordinary Shares. In particular, the acquisition of up
to the first 470,000 would allow TBC PLC to acquire a pool of
Ordinary Shares which are otherwise expected to need to be issued
at a time when the prevailing share price may be higher.
The Company has entered into an agreement with Renaissance
Securities (Cyprus) Limited ("RenCap") to conduct the Programme,
which will be implemented in two stages.
The first part of the Programme, will commence today and end not
later than close of dealings on 14 August 2019 (the day before the
announcement of the TBC PLC's final half-year results). This part
of the Programme, during which no more than 470,000 Ordinary Shares
will be purchased, will be conducted by RenCap under irrevocable
instructions to make trading decisions independently of TBC
PLC.
After this date, under the second part of the Programme, which
is limited to 1,800,000 Ordinary Shares (less the number purchased
under the first part), trading decisions may be undertaken by
RenCap (and/or any other broker appointed by TBC PLC) in accordance
with the directions of TBC PLC.
Any buy-back of the Ordinary Shares pursuant to the Programme
will be effected in accordance with Chapter 12 of the UKLA Listing
Rules, and the EU Market Abuse Regulation 596/2014 and the
Commission Delegated Regulation (EU) 2016/1052. The market will be
notified in accordance with those rules if and when purchases are
made.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
For further enquiries, please contact:
Director of International Media and Investor Relations
Zoltan Szalai
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC PLC is a public limited company registered in England and
Wales that was incorporated in February 2016. TBC PLC became the
parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC
PLC is listed on the London Stock Exchange under the symbol TBCG
and is a constituent of FTSE 250 Index.
TBC Bank, together with its subsidiaries, is the leading
universal banking group in Georgia, with a total market share of
38.5% of loans and 41.0% of non-banking deposits as at 30 June
2019, according to data published by the National Bank of
Georgia.
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.
END
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