SHARE REPURCHASE
PROGRAMME
As announced in today's interim
results announcement, Whitbread PLC ('Whitbread' or the 'Company')
is commencing a share buy-back programme of up to £100 million (the
'Programme'). The purpose of the Programme is to reduce the capital
of Whitbread by returning surplus capital to shareholders and it is
expected that the implementation of the Programme will enhance
earnings per share. Whitbread has instructed J.P. Morgan Securities
plc ('JPMS') to execute the Programme.
Whitbread has entered into a
non-discretionary and irrevocable instruction with JPMS in relation
to the purchase by JPMS, acting as riskless principal during the
period commencing today and ending no later than 28 April 2025, of
the Company's Ordinary Shares of 76 122/153 pence each ('Ordinary
Shares') for an aggregate purchase price of up to £100 million,
subject to suspension for certain exceptional and/or unforeseen
circumstances.
JPMS shall make a simultaneous
on-sale of Ordinary Shares purchased under the instructions to
Whitbread. JPMS will make its trading decisions in relation to the
Programme independently of, and uninfluenced by,
Whitbread.
The maximum number of Ordinary
Shares that can be purchased under the Programme is 16,481,415
Ordinary Shares (being the total number of shares which the Company
is authorised to repurchase pursuant to the authority granted to
the Company at its annual general meeting held on 18 June 2024 less
the number of shares already purchased as at the date of this
letter).
Any purchase of Ordinary Shares made
by the Brokers in relation to the Programme will be carried out on
the London Stock Exchange plc, Cboe Europe Limited or Aquis Stock
Exchange Limited. The buy- back by Whitbread will be executed in
accordance with the UK Listing Rules and Whitbread's general
authority (from time to time) to make market purchases of Ordinary
Shares. The Programme will be conducted within the parameters
prescribed by the UK Market Abuse Regulation, the Commission
Delegated Regulation (EU) 2016/1052 (both as incorporated into UK
domestic law by the European Union (Withdrawal) Act 2018) and with
regard to regulatory technical standards for the conditions
applicable to buy-back programmes and stabilisation measures.
Whitbread will announce any purchase by it of Ordinary Shares no
later than 7.30 a.m. on the business day following the calendar day
on which the repurchase occurred. Ordinary Shares purchased under
the Programme will be cancelled or (to the extent permitted by law)
held in treasury.
JPMS may undertake transactions in
shares (which may include sales and hedging activities,
in addition to purchases which may take place on any
available trading venue or on an over the counter basis) during the
period of the Programme in order to manage its market exposure
under the Programme. Disclosure of such transactions will not be
made by JPMS as a result of or as part of the Programme, but JPMS
will continue to make any disclosures it is otherwise legally
required to make.
This announcement does not constitute, or form part of, an
offer or any solicitation of an offer for securities in any
jurisdiction.
For
more information please contact:
Investor Relations - Whitbread
investorrelations@whitbread.com
Media -
Brunswick
Whitbread@brunswickgroup.com
Tim
Danaher
+44 (0) 20 7404 5959