Future PLC Share buyback programme (4170F)
10 Julio 2023 - 1:00AM
UK Regulatory
TIDMFUTR
RNS Number : 4170F
Future PLC
10 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
10 July 2023
Future plc
("Future" or the "Company")
Proposed Return of Cash via a Share Buyback Programme and Notice
of General Meeting
Future plc [LSE: FUTR) the global platform for intent-led
specialist media, announces that it is proposing to return up to
GBP45 million of cash to its shareholders, through the means of an
on-market share buyback programme (the Share Buyback Programme). A
notice convening a general meeting (the General Meeting) at which
shareholders will be asked to approve a resolution authorising the
Company to buy back up to 10 per cent. of its existing ordinary
share capital through on-market purchases (the Share Buyback
Authority) is expected to be posted to shareholders shortly.
The Group's capital allocation, which is discussed by the Board
on a regular basis, has historically prioritised organic and
inorganic investment before debt repayment and returning excess
cash to shareholders, whilst maintaining a prudent approach to
leverage.
The Company has a strong balance sheet, with leverage of 1.41x
net debt to EBITDA ([1]) , and a robust pipeline of attractive
inorganic investment opportunities. However, the Board believes
that the Share Buyback Programme will provide greater flexibility
to achieve an optimal use of cash to deliver value for
shareholders, whilst still maintaining a strong balance sheet. Once
the Share Buyback Programme commences, the Board will keep it under
review and continue to assess it against its capital allocation
priorities.
The Company will convene the General Meeting to approve the
Share Buyback Authority, under which the Company intends to
implement the Share Buyback Programme. The Company intends to renew
the same general 10 per cent. buyback authority as a standing
matter at future annual general meetings.
It is expected that, subject to the resolution approving the
Share Buyback Authority being passed at the General Meeting, the
Share Buyback Programme would commence thereafter.
This announcement contains inside information for the purposes
of the Market Abuse Regulation (Regulation (EU) No 596/2014), as it
forms part of retained EU law in the United Kingdom by virtue of
the European Union (Withdrawal) Act 2018.
The person responsible for releasing this announcement is David
Bateson, General Counsel and Company Secretary.
Enquiries
Future plc
Jon Steinberg, Chief Executive Officer +44 (0)122 544 2244
Penny Ladkin-Brand, Chief Financial Officer
Marion Le Bot, Head of Investor Relations +44(0)777 564 1509
Media
Headland +44 (0) 203 805 4822
Stephen Malthouse, Rob Walker, Charlie Twigg
future@headlandconsultancy.com
Legal Entity Identifier (LEI) : 213800K2581YRLEXV353
About Future
Future is a digital-first global platform for intent-led
specialist media. Underpinned by leading technology and enabled by
data, we operate c.250 brands in diversified content verticals,
across our B2C and B2B divisions with multiple market leading
positions and three core monetisation frameworks: advertising,
eCommerce affiliate and direct consumer monetisation. We organise
our brands by specialist interest and have four main content
verticals with 16 subcategories ranging from Consumer Technology
and Home to Wealth and Women's Lifestyle. Our content is published
and distributed through a range of formats including websites,
email newsletters, videos, magazines and live events. The
successful execution of our strategy is focused on three pillars:
organic growth, the platform effect and value-creating M&A.
([1]) Based on audited HY results to 31 March 2023
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END
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(END) Dow Jones Newswires
July 10, 2023 02:00 ET (06:00 GMT)
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