NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR
INTO CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF
SOUTH AFRICA OR THE UNITED STATES OF AMERICA OR TO
US PERSONS, OR TO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
For release on 4 April
2024
DEVELOP NORTH PLC
(the "Company")
Commencement of New Share Buyback
Programme
The Board of Develop North PLC today announces
the commencement of a new share buyback programme (the
"Programme"). Under the Programme the Company will repurchase
Ordinary Shares (the "Shares") for up to a maximum consideration of
£500k. All Shares purchased under this programme will be held in
treasury.
Subject to the renewal of the share buyback
authority at the forthcoming Annual General Meeting the Programme
will end on 30 June 2024. The Programme is subject to
customary early termination rights.
The Programme will at all times be conducted in
accordance with (and within the parameters prescribed by) the
Company's general authority to repurchase Shares (which authorised
the repurchase of a maximum of 4,035,917 Shares, being
approximately 14.99% of the Company's issued share capital) as
approved by shareholders at the Company's AGM on 27 April
2023.
Due to the limited liquidity in the Shares, a
buyback of Shares pursuant to the above authority on any given
trading day may represent all or a significant proportion of the
daily trading volume in the shares and may exceed 25% of the
average daily trading volume specified in the provisions of the UK
version of the Market Abuse Regulation (596/2014/EU) dealing with
buyback programmes and, accordingly, the Company will not benefit
from the exemption contained in Article 5(1) of that Regulation
(EU).
For further
information regarding Develop North PLC
(LEI: 213800EXPWANYN3NEV68) please
contact:
|
Develop North
PLC
Ian McElroy
|
+44 (0) 191 222 0099
|
|
Tier One
Capital Ltd (Investment Adviser)
Brendan O'Grady
|
+44 (0) 191 222 0099
|
|
Apex Fund
Administration Services (UK) Limited (Secretary)
Nicola Board
|
+44 (0) 1245 398950
|
|
Cavendish
Capital Markets Limited (Sponsor, Broker and Financial
Adviser)
James King / Andrew Worne
|
+44 (0) 207 220 0500
|
Develop North PLC is a closed-end investment
company listed on the main market of the London Stock Exchange and
specialises in providing finance to the residential and commercial
property sector.
The Company's investment adviser
is Newcastle upon Tyne based Tier One Capital Ltd.
Tier One Capital is a wealth management and property
lending firm providing financial advice services and bespoke
tailored lending to the property development market.