Franchise Brands PLC Share purchase programme (7441D)
01 Julio 2021 - 1:00AM
UK Regulatory
TIDMFRAN
RNS Number : 7441D
Franchise Brands PLC
01 July 2021
1 July 2021
FRANCHISE BRANDS PLC
("Franchise Brands", "the Group" or "the Company")
Share purchase programme
The Company announces that it will continue its discretionary
programme to buy ordinary shares of 0.5p each in the Company
("Ordinary Shares") for the next six-month period from 1 July 2021
to 31 December 2021, up to an aggregate value of GBP260,000 (the
"Programme").
The Company will continue to use its Employee Benefit Trust (the
"EBT"), details of which were announced on 1 July 2020, to purchase
Ordinary Shares. The Programme seeks to mitigate the dilutive
impact of share option awards and to improve overall shareholder
return.
During the period 1 January 2021 to 30 June 2021 ("H1 2021"),
the EBT purchased 145,593 Ordinary Shares at an average price of
138 pence per share. 132,940 Ordinary Shares held by the EBT have
been used to satisfy the exercise of options over Ordinary Shares.
Accordingly, the EBT currently holds 168,278 Ordinary Shares (31
December 2020: 155,625 Ordinary Shares) which represents 0.16 per
cent. (31 December 2020: 0.16 per cent.) of the Company's current
issued share capital. The net cash cost to the Company during H1
2021 was GBP140,000, with the net underspend to the announced
GBP200,000 available for the H1 2021 period being rolled forward to
the next six-month period.
The Company and the EBT have entered into arrangements with the
Company's joint broker, Dowgate Capital Limited ("Dowgate"), to
carry out on-market purchases of Ordinary Shares under the
Programme, including on a discretionary basis independent of the
Company during any prohibited periods of the Company, as determined
by the UK Market Abuse Regulation, which may fall during the period
of the Programme.
The Company was granted authority by its shareholders at the
Company's Annual General Meeting ("AGM") on 20 April 2021 to
purchase up to 9,575,847 Ordinary Shares (which represents 10 per
cent. of the current issued share capital) subject to a maximum
price limit, as detailed in the AGM notice. This authority will
expire at the end of the next AGM of the Company in 2022 or, if
earlier, at the close of business on 20 July 2022.
Enquiries:
Franchise Brands plc + 44 (0) 1625 813231
Stephen Hemsley, Executive Chairman
Chris Dent, Chief Financial Officer
Julia Choudhury, Corporate Development Director
Allenby Capital Limited (Nominated Adviser
and Joint Broker) +44 (0) 20 3328 5656
Jeremy Porter / Liz Kirchner (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
Dowgate Capital Limited (Joint Broker) +44 (0) 20 3903 7715
James Serjeant / Colin Climie / Nicholas Chambers
MHP Communications (Financial PR) +44 (0) 20 3128 8100
Katie Hunt +44 (0) 7884 494112
franchisebrands@mhpc.com
About Franchise Brands plc
Franchise Brands is focused on building market-leading
businesses in selected customer segments using primarily a
franchise model. The Group currently has a combined network of over
425 franchisees across five principal franchise brands. Our focus
is on established brands which can benefit from our shared support
services, specialist sector expertise, management experience and
group resources.
The Group is organised into a B2B division comprised of Metro
Rod, Metro Plumb, and Willow Pumps, and a B2C division that
incorporates ChipsAway, Ovenclean and Barking Mad. This divisional
organisation of our brands is designed to provide a greater focus
and structure to support the strategic development of our B2B and
B2C brands.
Each of our brands are leaders in their respective markets and
each brand has a long trading history. The combined trading history
of all the Group's brands is over 135 years.
Franchise Brands plc employs some 280 people across three
principal locations in Macclesfield, Kidderminster and
Aylesford.
For further information, visit www.franchisebrands.co.uk.
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END
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