Develop North PLC Commencement of Share Buyback Programme (1563T)
13 November 2023 - 8:00AM
UK Regulatory
TIDMDVNO
RNS Number : 1563T
Develop North PLC
13 November 2023
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For release on 13 November 2023
DEVELOP NORTH PLC
(the "Company")
Commencement of Share Buyback Programme
The Board of Develop North PLC today announces the commencement
of a share buyback programme (the 'programme') whereby the Company
will repurchase its Ordinary shares (the 'shares') for up to a
maximum consideration of GBP 500k . All shares purchased under this
programme will be held in treasury.
The Company has entered into a non-discretionary agreement with
Cavendish Capital Markets Limited, acting as principal to conduct
the programme and to repurchase shares on the Company's behalf and
to make trading decisions under the programme independently of the
Company in accordance with agreed parameters.
The programme will commence today, 13 November 2023, and will
end on 31 December 2023. 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):
1. 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;
and
2. The Market Abuse Regulation (EU) No 596/2014 and the
Commission Delegated Regulation (EU) No 2016/1052 (including as
each of them forms part of retained EU law in the United Kingdom
('UK') from time to time, including, where relevant, pursuant to
the UK's European Union (Withdrawal) Act 2018 and Market Abuse
(Amendment) (EU Exit) Regulations 2019) as well as the applicable
laws and regulations of the UK Financial Conduct Authority.
For further information regarding Develop North PLC (LEI:
213800EXPWANYN3NEV68) please contact:
Develop North PLC +44 (0) 191 222
Ian McElroy 0099
Tier One Capital Ltd (Investment Adviser) +44 (0) 191 222
Brendan O'Grady 0099
Apex Fund Administration Services (UK)
Limited (Secretary)
Nicola Board +44 (0) 1245 398950
Cavendish Capital Markets Limited (Sponsor,
Broker and Financial Adviser) +44 (0) 207 220
William Marle 0500
Develop North PLC 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 Limited. Tier One Capital is a wealth management
and property lending firm providing financial advice services and
bespoke tailored lending to the property development market.
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END
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