Share repurchase programme
05 September 2024 - 8:00AM
UK Regulatory
Share repurchase programme
LEI: 213800ZBKL9BHSL2K459
OSB GROUP PLC
(the Company or the Group)
Share repurchase programme
The Group announces that, as stated in its 2024
interim report dated 15 August 2024, it intends to commence a share
repurchase programme to return up to £50 million to
shareholders (the Share Repurchase
Programme) on 6 September 2024. The Share
Repurchase Programme aligns with the Group’s stated intention to
deliver attractive and sustainable returns to its shareholders.
The Group has entered into a non-discretionary
agreement (the Agreement) with Citigroup Global
Markets Limited (Citi) to undertake the Share
Repurchase Programme on its behalf by making market purchases, as
riskless principal, of the Group’s ordinary shares of one pence
each (the Ordinary Shares) on the London Stock
Exchange or another recognised investment exchange1.
Citi shall make trading decisions under the Share Repurchase
Programme independently of the Group, subject to certain parameters
agreed between Citi and the Company prior to the commencement of
the Share Repurchase Programme and to the Company’s right to
terminate the Agreement in certain limited circumstances. Citi will
continue to operate the Share Repurchase Programme during any
closed period.
Ordinary Shares acquired by Citi under the
Agreement will be sold on to the Group. It is the Company’s present
intention for such repurchased Ordinary Shares to be cancelled. The
purpose of the Share Repurchase Programme is therefore to reduce
the Group's share capital. The maximum number of Ordinary Shares to
be acquired under the Share Repurchase Programme is 39,358,310, as
authorised by shareholders at the Company’s 2024 Annual General
Meeting on 9 May 2024. The Share Repurchase Programme is expected
to complete no later than 31 January 2025.
Any purchase of the Group Ordinary Shares
contemplated by this announcement will be executed in accordance
with the Group's general authority to repurchase Ordinary Shares
granted by its shareholders at the 2024 Annual General Meeting on 9
May 2024, the Market Abuse Regulation 596/2014 and the Commission
Delegated Regulation (EU) 2016/1052 (both as incorporated
into UK domestic law by the European Union (Withdrawal)
Act 2018), and Chapter 12 of the Financial Conduct Authority's
Listing Rules.
Any repurchase of Ordinary Shares will be
announced no later than 7.30 a.m. on the business day following the
calendar day on which the repurchase occurred.
1CBOE BXE and CBOE CXE.
Enquiries:
OSB GROUP PLC
Alastair Pate
Group Head of Investor Relations
t:
01634 838 973
Brunswick
Robin Wrench/Simone Selzer
t:
020 7404 5959
Notes to Editors
About OSB GROUP PLC
OneSavings Bank plc (OSB) began
trading as a bank on 1 February 2011 and was admitted to the main
market of the London Stock Exchange in June 2014 (OSB.L). OSB
joined the FTSE 250 index in June 2015. On 4 October 2019, OSB
acquired Charter Court Financial Services Group plc and its
subsidiary businesses. On 30 November 2020, OSB GROUP PLC became
the listed entity and holding company for the Group. The Group
provides specialist lending and retail savings and is authorised by
the Prudential Regulation Authority, part of the Bank of England,
and regulated by the Financial Conduct Authority and Prudential
Regulation Authority. The Group reports under two segments,
OneSavings Bank and Charter Court Financial Services.
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