For immediate release
11 January 2021
ContourGlobal plc ("ContourGlobal" or the "Company")
ContourGlobal announces extension of Share buyback programme
On 1 April 2020 ContourGlobal announced a buyback programme of up to £30 million of ContourGlobal plc ordinary shares of £0.01 each ("Shares"), to initially run from 1 April 2020 to 30 June 2020, subsequently extended to 30 September 2020 and then further extended to December 31, 2020. To date the Company has repurchased 12,374,731 Shares, at an average price of 188.44 pence and total cost of £23.4 million. 658,338, 189 Shares remain in issue.
Today the Company announces that it has entered into an extension agreement with Investec Bank plc ("Investec") to continue the buyback programme from 11 January 2021 to 31 March 2021 (the "Extended Buyback Programme"). Under the terms of the Extended Buyback Programme, the maximum number of Shares that may be repurchased by the Company is 3.1 million;[1] however, absent a change in the Company's free float, the current maximum number of shares that can be bought back is 2.7 million[2]. Investec will act as principal in relation to the purchase of the Shares and subsequent on sale of such Shares to the Company. Under the terms of the agreement, Investec will make purchases of the Shares under the Extended Buyback Programme independently of, and uninfluenced by, ContourGlobal. Any Shares repurchased will be held in treasury pending cancellation or re-issue.
Any purchases of Shares contemplated by this announcement will be effected within certain pre-set parameters agreed between ContourGlobal and Investec. These arrangements are in accordance with the Company's general authority to repurchase shares granted by ContourGlobal's shareholders at the 2020 annual general meeting under Resolution 18 of that meeting, Chapter 12 of the UK Listing Authority's Listing Rules and the relevant provisions of Market Abuse Regulation (EU) 596/2014 (as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019) and the Commission Delegated Regulation (EU) 2016/1052 (as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019). The purpose of the programme is to reduce the Company's issued share capital.
About ContourGlobal
ContourGlobal is listed on the premium segment of the London Stock Exchange (LSE: GLO). ContourGlobal is an international owner and operator of contracted wholesale power generation businesses. Pro-forma for the recently announced acquisition of Western Generation, it owns and operates approximately 6,307 MW in 119 power plants in 20 countries and four continents.
ENQUIRIES
Investor Relations - ContourGlobal
Alice Heathcote
Tel: +44 (0) 203 626 9077
alice.heathcote@contourglobal.com
Media - Brunswick
Charles Pretzlik
Tel: +44 (0) 207 404 5959
Contourglobal@brunswickgroup.com
ENDS
[1] Based on closing share price of 215 pence on 8 January 2021 and an initial programme of £30 million
[2] The Listing Rules provide that shares are not considered to be held in public hands if, among other things, they are held by persons who have an interest in 5% or more of a listed company's share capital. For the purposes of the Listing Rules, the Shares in public hands currently stands at 20.4% or approximately 134.4 million Shares as at the date of this announcement.
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