TIDMVMUK TIDM91XR
RNS Number : 9858G
Virgin Money UK PLC
21 November 2022
VIRGIN MONEY UK PLC
LEI: 213800ZK9VGCYYR6O495
21 November 2022
VIRGIN MONEY UK PLC COMMENCES GBP50M SHARE BUYBACK EXTENSION
Virgin Money UK PLC ("Virgin Money" or the "Company") today
announces a share buyback extension to repurchase up to an
additional GBP50 million in aggregate between its ordinary shares
of GBP0.10 each (the "Shares") listed on the London Stock Exchange
and CHESS Depositary Interests ("CDIs"), each representing one
Share, listed on the Australian Securities Exchange ("Extended
Buyback"). The Extended Buyback is an extension to the Company's
inaugural share buyback programme of up to GBP75 million in
aggregate between its Shares and CDIs previously announced by the
Company on 30 June 2022 (the "Buyback"). Subject to trading
liquidity, Virgin Money intends to repurchase Shares and CDIs in
approximately equal proportions. The Extended Buyback is expected
to commence today, 21 November 2022, and in the case of Shares
bought back in the UK the end date is 02 May 2023 and in the case
of CDIs bought back in Australia, the end date is 02 May 2023
subject to approval by shareholders within the scope of the
authority to be sought at the Company's 2023 Annual General
Meeting.
Virgin Money set out its updated capital framework and approach
to shareholder distributions at its 2022 Interim Financial Results
on 05 May 2022, outlining a 30% full year dividend pay-out,
supplemented with buybacks, subject to an ongoing assessment of
surplus capital, market conditions and regulatory approval.
Following Prudential Regulation Authority approval and with
continued robust levels of capital, today's buyback announcement
supplements the 10.0p full year 2022 dividend, in line with our
announced framework.
The Company has entered into a non-discretionary arrangement
with Citigroup Global Markets Limited to purchase Shares as
riskless principal and to make trading decisions independently of
the Company. Any purchase of Shares pursuant to this engagement
will be carried out on the London Stock Exchange or other
recognised investment exchanges [1] . The Company has also entered
into a discretionary arrangement with Citigroup Global Markets
Australia Pty Limited (together with Citigroup Global Markets
Limited, the "Brokers") to purchase CDIs on the Australian
Securities Exchange on an agency basis during open periods. The
purpose of the Extended Buyback is to reduce the Company's issued
share capital by returning surplus capital to shareholders. It is
the Company's present intention that the repurchased Shares and
CDIs (including their underlying Shares) will be cancelled.
The Extended Buyback will be effected in accordance with the
scope of the authority conferred on the Company at its February
2022 Annual General Meeting, any further authority conferred on the
Company at its February 2023 Annual General Meeting, Regulation
(EU) No 596/2014 (the Market Abuse Regulation), the Commission
Delegated Regulation (EU) 2016/1052 (both form part of Retained EU
Law as defined in the European Union (Withdrawal) Act 2018) and
Chapter 12 of the Listing Rules. The Extended Buyback is subject to
the continuing approval of the Prudential Regulation Authority.
Announcement authorised for release by Lorna McMillan, Group
Company Secretary.
For further information, please contact:
Investors and Analysts
Richard Smith +44 7483 399 303
------------------------------------
Head of Investor Relations richard.smith@virginmoneyukplc.com
------------------------------------
Amil Nathwani +44 7702 100 398
------------------------------------
Senior Manager, Investor Relations amil.nathwani@virginmoneyukplc.com
------------------------------------
Martin Pollard +44 7894 814 195
------------------------------------
Senior Manager, Investor Relations martin.pollard@virginmoneyukplc.com
------------------------------------
Company Secretary
------------------------------------
Lorna McMillan 07834 585436
------------------------------------
Group Company Secretary lorna.mcmillan@virginmoneyukplc.com
------------------------------------
Media Relations
------------------------------------
Press Office 0800 066 5998
------------------------------------
press.office@virginmoneyukplc.com
------------------------------------
Forward looking statements
The information in this announcement may include forward looking
statements, which are based on assumptions, expectations,
valuations, targets, estimates, forecasts and projections about
future events. These can be identified by the use of words such as
'expects', 'aims', 'targets', 'seeks', 'anticipates', 'plans',
'intends', 'prospects', 'outlooks', 'projects', 'forecasts'
'believes', 'estimates', 'potential', 'possible', and similar words
or phrases. These forward looking statements are subject to risks,
uncertainties and assumptions about the Company and its
subsidiaries (the "Group") and its securities, investments, and the
environment in which it operates, including, among other things,
the development of its business and strategy, any acquisitions,
combinations, disposals or other corporate activity undertaken by
the Group, trends in its operating industry, changes to customer
behaviours and covenant, macroeconomic and/or geopolitical factors,
the repercussions of the outbreak of coronaviruses (including but
not limited to the COVID-19 outbreak), changes to its board and/ or
employee composition, exposures to terrorist activity, IT system
failures, cyber-crime, fraud and pension scheme liabilities,
changes to law and/or the policies and practices of the Bank of
England, the Financial Conduct Authority and/or other regulatory
and governmental bodies, inflation, deflation, interest rates,
exchange rates, tax and national insurance rates, changes in the
liquidity, capital, funding and/or asset position and/or credit
ratings of the Group, future capital expenditures and acquisitions,
the repercussions of the UK's exit from the EU (including any
change to the UK's currency and the terms of any trade agreements
(or lack thereof) between the UK and the EU), Eurozone instability,
Russia's invasion of Ukraine, any referendum on Scottish
independence and any UK or global cost of living crisis or
recession.
In light of these risks, uncertainties and assumptions, the
events in the forward looking statements may not occur. Forward
looking statements involve inherent risks and uncertainties. Other
events not taken into account may occur and may significantly
affect the analysis of the forward looking statements. No member of
the Group or their respective directors, officers, employees,
agents, advisers or affiliates gives any assurance that any such
projections or estimates will be realised. All forward looking
statements should be viewed as hypothetical. No representation or
warranty is made that any forward looking statement will come to
pass. No member of the Group or their respective directors,
officers, employees, agents, advisers or affiliates undertakes any
obligation to update or revise any such forward looking statement
following the publication of this announcement nor accepts any
responsibility, liability or duty of care whatsoever for (whether
in contract, tort or otherwise) or makes any representation or
warranty, express or implied, as to the truth, fullness, fairness,
merchantability, accuracy, sufficiency or completeness of the
information in this announcement.
The information, statements and opinions contained in this
announcement do not constitute or form part of, and should not be
construed as, any public offer under any applicable legislation or
an offer to sell or solicitation of any offer to buy any securities
or financial instruments or any advice or recommendation with
respect to such securities or other financial instruments. The
distribution of this announcement in certain jurisdictions may be
restricted by law. Recipients are required by the Group to inform
themselves about and to observe any such restrictions. No liability
to any person is accepted in relation to the distribution or
possession of this announcement in any jurisdiction. The
information, statements and opinions contained in this announcement
are subject to change.
Virgin Money UK PLC is registered in England and Wales (company
number: 09595911) and as a foreign company in Australia (ARBN 609
948 281) and has its registered office at Jubilee House, Gosforth,
Newcastle upon Tyne, NE3 4PL
[1] Chi-X Europe or BATS Europe
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November 21, 2022 02:00 ET (07:00 GMT)
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