Share buyback programme
26 July 2021
Countryside Properties PLC
Share buyback programme
On 7 July 2021, Countryside Properties PLC (the "Company") announced its intention to return surplus cash of at least £450 million to shareholders via on-market purchases of ordinary shares in the capital of the Company.
Today, the Company is pleased to announce that it will commence the initial tranche of the buyback programme (the "Initial Programme"). The maximum amount allocated to the Initial Programme is £52 million for a period commencing today and ending no later than 5 November 2021. Any further tranches of the buyback programme, which may be conducted after completion of the Initial Programme, will be announced in due course.
The maximum number of ordinary shares that can be acquired by the Company pursuant to the Initial Programme shall not exceed 23,000,000. The purpose of the Initial Programme is to reduce the capital of the Company.
The Company has entered into a non-discretionary and irrevocable arrangement with Barclays Capital Securities Limited ("Barclays") to conduct the Initial Programme on its behalf. Under this arrangement, Barclays, an independent third party, will act as principal and will make decisions under the Initial Programme independently from the Company.
The Company's shareholders generally authorised the Company to purchase up to a maximum of 52,462,687 of its ordinary shares at the Annual General Meeting held on 5 February 2021. Pursuant to such authority, the Company is authorised to purchase shares until the conclusion of its 2022 Annual General Meeting (the "2022 AGM") or, if earlier, the close of business on 31 March 2022. The Company anticipates that it will request a similar general authority from shareholders at the 2022 AGM.
Any purchases of shares by the Company in relation to the Initial Programme will be carried out on the London Stock Exchange and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase shares granted by its shareholders, the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules.
For further information please contact
Countryside Properties plc Tel: +44 (0) 1277 260 000
Iain McPherson - Group Chief Executive
Mike Scott - Group Chief Financial Officer
Victoria Prior - Managing Director, Corporate Affairs
Brunswick Group LLP Tel: +44 (0) 20 7404 5959
Note to editors:
Countryside is the market leader in the delivery of high quality mixed-tenure communities in partnership with housing associations, public bodies and institutional private rental operators, with a strong focus on placemaking and regeneration.
Countryside's differentiated Partnerships business model:
· Mixed tenure developments, including affordable homes, homes available for institutional private rental and available for private for sale.
· Over 40 years track record of collaborative working with partners in public and private sectors
· Over 60% of developments on regeneration or brownfield sites.
· Increasing use of Modern Methods of Construction, with a target of 50% of all homes to be built using our in-house manufacturing facilities by 2025.
· Place-making at the heart of everything we do - designing places people love, helping to build successful communities. Committed to high quality design, construction and management, creating a positive legacy for future generations.
For more information see www.countrysideproperties.com or follow @CountrysideProp on Twitter
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