Extension of Share buyback programme
Updated : 07:38
For immediate release
22 September 2020
ContourGlobal plc ("ContourGlobal" or the "Company")
ContourGlobal announces extension of Share buyback programme
On 1 April 2020 ContourGlobal announced a buyback programme of up to £30 million of ContourGlobal plc ordinary shares of £0.01 each ("Shares"), to initially run from 1 April 2020 to 30 June 2020 and then extended to 30 September 2020. To date the Company has repurchased 6,033,570 million Shares, at an average price of 176.3 pence and total cost of £10.6 million. 664,679,350 Shares remain in issue.
Today the Company announces that it has entered into an extension agreement with Investec Bank plc ("Investec") to continue the buyback programme from 30 September 2020 to 31 December 2020 (the "Extended Buyback Programme"). Under the terms of the Extended Buyback Programme, the maximum number of Shares that may be repurchased by the Company is 9.5 million[1] however, absent a change in the Company's free float, the current maximum number of shares which can be bought back is 6.1 million[2]. Investec will act as principal in relation to the purchase of the Shares and subsequent on sale of such Shares to the Company. Under the terms of the agreement, Investec will make purchases of the Shares under the Extended Buyback Programme independently of, and uninfluenced by, ContourGlobal. Any Shares repurchased will be held in treasury pending cancellation or re-issue.
Any purchases of Shares contemplated by this announcement will be effected within certain pre-set parameters agreed between ContourGlobal and Investec. These arrangements are in accordance with the Company's general authority to repurchase shares granted by ContourGlobal's shareholders at the 2020 annual general meeting under Resolution 18 of that meeting, Chapter 12 of the UK Listing Authority's Listing Rules and the relevant provisions of Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. The purpose of the programme is to reduce the Company's issued share capital.
Joseph Brandt, Chief Executive said "The business continues to perform well, benefiting from our diversified business model, strong balance sheet and robust underlying cash flows. The share price does not reflect the value and resilience of the underlying business and we think it is in the interests of all shareholders to continue our share buyback programme."
LEI: 5493002I3A4J5TFOR115
About ContourGlobal
ContourGlobal is listed on the premium segment of the London Stock Exchange (TKR: GLO). ContourGlobal is an international owner and operator of contracted wholesale power generation businesses with approximately 4,844 MW in operation in 18 countries. ContourGlobal operates a portfolio of 107 thermal and renewable power plants across Europe, Latin America, and Africa utilizing a wide range of technologies.
ENQUIRIES
Investor Relations - ContourGlobal
John Smelt
Tel: +44 (0) 203 626 9047
Mob: +44 (0) 7500 129 218
john.smelt@contourglobal.com
Media - Brunswick
Charles Pretzlik
Tel: +44 (0) 207 404 5959
Contourglobal@brunswickgroup.com
ENDS
[1] Based on closing share price of 203 pence on 21 September 2020 and an initial programme of £30 million
[2] The Listing Rules provide that shares are not considered to be held in public hands if, among other things, they are held by persons who have an interest in 5% or more of a listed company's share capital. For the purposes of the Listing Rules, the Shares in public hands currently stands at 20.7% or approximately 137.8 million Shares as at the date of this announcement.
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