21
October 2024
Begbies Traynor Group
plc
Launch of Share Buyback
Programme
Begbies Traynor Group plc (the
"Company" or the "Group"), today announces that it is commencing a
share buyback programme of up to £1.5 million, from the date of
this announcement (the "Share Buyback Programme").
The Share Buyback Programme will be
for on market purchases of ordinary shares of 5 pence each
("Ordinary Shares") in the Company in accordance with certain
pre-set parameters. The share buyback will take place within the
limitations of the authority granted at the 2024 Annual General
Meeting (the "General Authority").
The Company has entered into
arrangements with Canaccord Genuity Limited ("Canaccord") to
conduct the Share Buyback Programme on its behalf on a
broker-managed basis in relation to the purchase of Ordinary Shares
of the Company during the period commencing 21 October 2024 and 28
February 2025. Canaccord will make its trading decisions concerning
the timing of the purchases of Ordinary Shares under the Share
Buyback Programme independently of, and uninfluenced by, the
Company. The repurchased shares will be held in
treasury.
The Share Buyback Programme will be
conducted within certain pre-set parameters, and in accordance with
the General Authority and the provisions of the Market Abuse
Regulation 596/2014/EU as amended by the Market Abuse (Amendment)
(EU Exit) Regulations 2019 and the Commission Delegated
Regulation 2016/1052/EU as amended by Technical Standards (Market
Abuse Regulation) (EU Exit) Instrument 2019 which both form part of
the law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018.
The purpose of the Share Buyback
Programme is to meet obligations arising from debt financial
instruments that are exchangeable into equity, to settle deferred
consideration obligations. The Share Buyback Programme will be
financed from the Group's existing cash resources and bank
facilities, whilst retaining sufficient funds for further accretive
acquisitions and organic investments. The Board believes this is a
good use of the Group's financial resources given the current share
price and is less dilutive than the issue of new ordinary shares to
satisfy these obligations.
As at 21 October 2024, the Company
do not hold any Ordinary shares in treasury and therefore the total
number of voting rights in the Company is 159,498,995.
Enquiries please contact:
Begbies Traynor Group plc
0161 837
1700
Ric Traynor - Executive
Chairman
Nick Taylor - Group Finance
Director
Canaccord Genuity Limited
020 7523 8350
(Nominated Adviser and Joint
Broker)
Emma Gabriel / Harry
Pardoe
Shore Capital (Joint
Broker)
020 7408 4090
Malachy McEntyre / Mark Percy /
Anita Ghanekar / James Thomas
MHP
020
3128 8100
Reg Hoare / Katie Hunt / Charles
Hirst
begbies@mhpgroup.com
Information on Begbies Traynor Group
can be accessed via the group's website at
https://ir.begbies-traynorgroup.com/