Dr. Martens PLC Commencement of Share Buyback Programme (9859F)
14 Julio 2023 - 1:00AM
UK Regulatory
TIDMDOCS
RNS Number : 9859F
Dr. Martens PLC
14 July 2023
14 July 2023
Dr. Martens plc
Commencement of Share Buyback Programme
Dr. Martens plc (" Dr. Martens " or the " Company ") today
announces the commencement of a share buyback programme regarding
the purchase of ordinary shares in the Company with a nominal value
of 1p each (the " Shares ") up to a maximum consideration of
GBP50,000,000 (the " Programme "). Dr. Martens previously announced
its intention to commence the Programme following shareholder
approval with its preliminary results on 1 June 2023.
The Company has entered into an agreement with Morgan Stanley
& Co. International plc (" Morgan Stanley ") to conduct the
Programme on its behalf and to make trading decisions under the
Programme independently of the Company. Under the terms of the
Programme, the maximum consideration is GBP50,000,000. The
Programme will commence on 14 July 2023 and end on the date on
which the total Sterling purchase price of all Shares purchased by
Morgan Stanley pursuant to the Programme is equal to, or as close
as possible to GBP50,000,000. The sole purpose of the Programme is
to reduce the share capital of Dr. Martens.
Morgan Stanley will purchase the Shares as principal and
simultaneously be deemed to execute sales to the Company of any
Shares so purchased in accordance with the terms of their
engagement. The Company intends to cancel the Shares it purchases
through the Programme.
Any purchase of Shares under the Programme will be executed in
accordance with certain pre-set parameters set out in the terms of
the Morgan Stanley's engagement, the Company's general authority to
make market purchases of Shares granted by the shareholders of the
Company at the annual general meeting held on 13 July 2023 (which
permits the Company to purchase no more than 100,083,437 Shares),
the EU Market Abuse Regulation (596/2014), the Commission Delegated
Regulation (2016/1052), in each case as such legislation forms part
of retained EU law (as defined in the EU (Withdrawal) Act 2018),
and Chapter 12 of the Financial Conduct Authority's Listing
Rules.
Dr. Martens will announce any market repurchase of the Shares no
later than 7.30 a.m. on the business day following the calendar day
on which the repurchase occurred. Dr. Martens intends to cancel the
Shares it purchases through the Programme.
For further information please contact:
Bethany Barnes
Director of Investor Relations
bethany.barnes@drmartens.com
+4478 2518 7465
Paul Rolling
Assistant Company Secretary
paul.rolling@drmartens.com
+4475 8424 3562
This announcement does not constitute, or form part of, an offer
or any solicitation of an offer for securities in any
jurisdiction.
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END
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July 14, 2023 02:00 ET (06:00 GMT)
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