Source - RNS
RNS Number : 0451K
Trinity Mirror PLC
16 September 2016
 

16 September 2016

 

Trinity Mirror plc 

Share Repurchase Programme Update

 

On 1 August 2016 Trinity Mirror plc ("the Company") announced the commencement of the 2016 share repurchase programme of the Company's ordinary shares of 10 pence each (the "Ordinary Shares") for up to a maximum consideration of £10m (the "Programme").

 

In amendment of the Programme, the Company today announces that it has entered into irrevocable, non-discretionary arrangements with the Company's brokers in relation to the Programme, being Numis Securities Ltd ("Numis") and Barclays Bank plc, acting through its investment bank ("Barclays"). Under these irrevocable arrangements purchases of Ordinary Shares up to an aggregate value of £5 million (including purchases already transacted since announcement on 1 August 2016) will be made by Numis and Barclays, including during any Company closed periods. Following completion of the purchase of this £5 million tranche, the Programme will continue to operate during open and, if agreed by the Company in advance, closed periods up until the end of the next Annual General Meeting of the Company in 2017. Numis and Barclays will make their trading decisions in relation to the purchases of Ordinary Shares in closed periods independently of, and uninfluenced by, the Company.

 

Save as set out in this announcement, the terms of the Programme remain as announced on 1 August 2016.

 

Daily volume restrictions and other trading restrictions will apply in accordance with Articles 3 and 4 of the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016. The Company will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. The Company intends to hold Ordinary Shares purchased under the Programme in treasury.

 

Barclays and Numis may undertake transactions in Ordinary Shares (which may include sales and hedging activities, in addition to purchases) in order to manage their market exposure under the Programme.  Barclays and Numis will make any disclosures they are legally required to make in relation to such transactions.

 

Barclays, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom is acting for the Company only and will not be responsible to anyone other than the Company for providing the protections offered to clients of Barclays nor for providing advice in relation to any matters referred to in this announcement. Numis, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom is acting for the Company only and will not be responsible to anyone other than the Company for providing the protections offered to clients of Numis nor for providing advice in relation to any matters referred to in this announcement.

 

Enquiries

Trinity Mirror


Simon Fox, Chief Executive

Vijay Vaghela, Group Finance Director and Company Secretary

020 7293 3553

 

Brunswick


Mike Smith, Partner

020 7404 5959

Will Medvei, Director


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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