Inchcape plc - Share repurchase programme
Inchcape plc (the Company) announces that, as part of the new £100 million buyback programme set out in its preliminary results for the year to 31 December 2021 published on 24 February 2022, it is commencing a share buyback programme (the Initial Programme) to purchase shares with a value of up to £50 million (inclusive of applicable taxes, fees and costs) during the period starting on 28 February 2022 and ending no later than 27 July 2022, the sole purpose of which is to reduce the capital of the Company.
The Company has entered into an agreement with EXANE SA (BNP Paribas EXANE) under which it has issued an instruction to BNP Paribas EXANE to manage the Initial Programme. BNP Paribas EXANE will carry out its instruction through the acquisition of ordinary shares in the Company for subsequent repurchase by the Company. This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the provisions of the retained version of the Market Abuse Regulation 596/2014/EU as applicable in the United Kingdom pursuant to section 3 of the European Union (Withdrawal) Act 2018 and will be conducted in accordance with such general authority conferred by the Company's shareholders to repurchase the shares in place from time to time (at the Annual General Meeting in 2021, shareholders gave the Company authority to purchase a maximum of 39,327,439 ordinary shares and, taking into account purchases by the Company since that date, the maximum number of shares which the Company may purchase pursuant to that authority is 27,715,307).
Ends
Inchcape plc - Investor Relations
Raghav Gupta-Chaudhary +44 (0)7933 395 158, investors@inchcape.com
Instinctif
Tim McCall +44 (0)20 7457 2020, inchcape@instinctif.com
About Inchcape
Inchcape is the leading independent multi-brand global automotive distributor, operating in over 40 markets and territories with a portfolio of the world's leading automotive brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange (INCH) since 1958, and is classified within the 'Business Support Services' sector. The Group is headquartered in London and employs around 14,500 people globally. www.inchcape.com
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