Compass Group PLC Share Buyback (4730V)
04 Diciembre 2023 - 1:00AM
UK Regulatory
TIDMCPG
RNS Number : 4730V
Compass Group PLC
04 December 2023
Legal Entity Identifier (LEI) No. 2138008M6MH9OZ6U2T68
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR
INVITATION TO PURCHASE ANY SECURITIES IN ANY JURISDICTION OR A
SOLICITATION OF ANY VOTE OR APPROVAL.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR
INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
SHARE BUYBACK
Compass Group PLC (the "Company") announces that on 1 December
2023 it entered into a non-discretionary agreement with BNP Paribas
Arbitrage S.N.C. ("BNPP") to enable the purchase of up to a market
equivalent of $250 million (being GBP197.34 million as at 1
December 2023) of the Company's ordinary shares of 11 1/20 pence
each ("Ordinary Shares") between 4 December 2023 and 8 May 2024 at
the latest (the "H1 Buyback"). The H1 Buyback is the initial stage
of the Company's $500 million share buyback announced with its
full-year results on 20 November 2023 to be completed in 2024
subject to M&A activity.
The purpose of the H1 Buyback is to reduce the share capital of
the Company by returning surplus capital to shareholders.
The H1 Buyback will be conducted within certain pre-set
parameters. The Company's shareholders generally authorised it to
purchase up to a maximum of 175,720,000 Ordinary Shares at its 2023
Annual General Meeting held on 9 February 2023, subject to certain
limitations (the "General Authority"). Accounting for purchases
made by the Company of its Ordinary Shares prior to the date of
this announcement, the Company is currently authorised under the
General Authority to purchase up to a maximum of 139,625,908
Ordinary Shares. The aggregate number of Ordinary Shares acquired
by the Company pursuant to the H1 Buyback will not exceed the
maximum number of Ordinary Shares which the Company is authorised
to purchase pursuant to the General Authority (and any subsequent
authority to repurchase shares as may be granted by the Company's
shareholders from time to time).
BNPP will make its trading decisions in relation to the
Company's Ordinary Shares independently of, and uninfluenced by,
the Company. In accordance with the General Authority, purchases of
Ordinary Shares pursuant to the H1Buyback may be conducted on any
appropriate regulated stock market but will be on-sold by BNPP to
the Company on the London Stock Exchange.
In addition to compliance with the terms of the General
Authority, the H1 Buyback will also be conducted within the
parameters prescribed by the Regulation (EU) No 596/2014 (the
Market Abuse Regulation) (as in force in the UK and as amended by
the Market Abuse (Amendment) (EU Exit) Regulations 2019), the
Commission Delegated Regulation (EU) 2016/1052 (as in force in the
UK and as amended by the FCA's Technical Standards (Market Abuse
Regulation) (EU Exit) Instrument 2019) and in accordance with
Chapter 12 of the UK Listing Rules.
BNPP (or its affiliates) may undertake transactions in Ordinary
Shares (which may include sales, derivatives, and other hedging
activities, in addition to purchases) in order to manage its risk
positions arising directly or indirectly from the H1 Buyback.
Disclosure of any such transactions will not be made by BNPP (or
its affiliates) or the Company as a result of or as part of the H1
Buyback, but BNPP (or its affiliates) will make any disclosures it
is legally required to make in relation to such transactions.
All Ordinary Shares purchased pursuant to the H1 Buyback will be
held in treasury and are expected to be used to meet obligations
arising from employee share schemes, or other allocations of
Ordinary Shares, to employees or directors. No purchases will be
made in respect of the Company's American Depositary Receipts.
Enquiries
+44 (0) 1932
Investors: Agatha Donnelly & Helen Javanshiri 573 000
+44 (0) 1932
Press: Giles Robinson 963 486
Website: www.compass-group.com
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END
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(END) Dow Jones Newswires
December 04, 2023 02:00 ET (07:00 GMT)
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