Launch of €15 Million Share
Buyback Programme
Dublin, London 9 September 2024: C&C Group plc ('C&C' or the 'Group'), owners of
the Tennent's, Magners and Bulmers Ireland brands, and Matthew
Clark and Bibendum Wine, announces that it will commence a Share
Buyback Programme today, 9 September 2024, to repurchase ordinary
shares of the Group (the "Shares") up to a maximum aggregate
consideration of €15 million (the "Programme").
The Programme forms part of the
Group's plan to return up to €150 million to shareholders over the
next three fiscal years ending in February 2025, 2026 and 2027
through a combination of dividends and share buybacks. In
accordance with this objective, the Group completed an initial
tranche of a buyback of its ordinary shares, amounting to €15
million, earlier this year. The Programme is underpinned by the
Board's continued confidence in the medium-term outlook for the
business and its strong cash generation capabilities. The Board
also believes that the Programme represents the most effective use
of capital in the current environment.
Details of the Programme
The Group has entered into an
agreement with J&E Davy ("Davy") to act as principal to conduct
the Programme and to repurchase Shares on the Group's behalf for a
maximum aggregate consideration of up to €15 million and to make
trading decisions under the Programme in accordance with certain
pre-set parameters. Under the terms of the
agreement, Davy will make purchases of the Shares under the
Programme independently of, and uninfluenced by, the
Group.
The Programme will commence on 9
September 2024, and end no later than 31 January 2025, subject to
market conditions. The purpose of the Programme is to reduce the
share capital of the Company in line with this announcement. Under
the terms of the Programme, the Shares will be repurchased on the
London Stock Exchange and will be cancelled. The Programme will be
conducted in accordance with:
(i) the Group's general authority to
repurchase shares (which authorises the repurchase of up to
38,645,511 Shares, being approximately 10% of the issued share
capital of the Group), as approved by shareholders at the Group's
AGM held on 15 August 2024 (the "Authority"); and
(ii) the Market Abuse Regulation
(EU) No 596/2014 and the Commission Delegated Regulation (EU) No
2016/1052 (including as each of them forms part of retained EU law
in the United Kingdom ("UK") from time to time, including, where
relevant, pursuant to the UK's European Union (Withdrawal) Act 2018
and Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as
the applicable laws and regulations of the UK Financial Conduct
Authority.
The execution of the Programme may
be augmented by the purchase of Shares by way of block trades
effected by Davy as agent of the Group. The maximum number of
Shares which can be repurchased by the Group under the Programme
will be reduced by the corresponding number of Shares repurchased
pursuant to any such block trades. Any Shares repurchased through
block trades will also count towards the maximum consideration
payable by the Group.
Details of any Shares repurchased
under the Share Buyback Programme will be notified to a Regulatory
Information Service by the Group following repurchase. Purchases
may continue under the Programme during any closed period to which
the Company is subject. The Company confirms that it currently has
no unpublished inside information.
There is no guarantee that the
Programme will be implemented in full or that any Shares will be
bought back by the Group.
ENDS
Contacts
C&C Group plc
Email: investor.relations@candcgroup.ie
Investors, Analysts & Media
FTI Consulting
Jonathan Neilan / Paddy Berkery /
Aline Oliveira
Tel: +353 86 231 4135 / +353 86 602
5988 / +353 83 833 1644
Email: CandCGroup@fticonsulting.com
About C&C Group plc
C&C Group plc is a leading,
vertically integrated premium drinks company which manufactures,
markets and distributes branded beer, cider, wine, spirits, and
soft drinks across the UK and Ireland.
· C&C Group's portfolio of owned/exclusive brands
include Bulmers, the leading Irish cider brand and Tennent's,
the leading Scottish beer brand; as well as a range of
fast-growing, premium and craft ciders and beers, such as Heverlee,
Menabrea, Five Lamps and Orchard Pig. C&C exports its Magners
and Tennent's brands to over 40 countries worldwide.
· C&C Group has owned brand and contract
manufacturing/packing operations in Co.Tipperary,
Ireland and Glasgow, Scotland.
· C&C is the No.1 drinks distributor to
the UK and Ireland hospitality sectors.
Operating through the Matthew Clark, Bibendum, Tennent's and
Bulmers Ireland brands, the Group has a market leading range, scale
and reach including an intimate understanding of the markets it
serves. Together this provides a key route-to-market for major
international beverage companies.
C&C Group plc is an Irish
incorporated FTSE 250 company headquartered
in Dublin and is listed on the London Stock
Exchange.