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Develop North PLC announced on 4 April 2024 the commencement of a new share buyback programme, under which the Company will repurchase Ordinary Shares for up to a maximum consideration of £500,000. All shares purchased will be held in treasury. The programme is scheduled to end on 30 June 2024, subject to the renewal of authority approved by shareholders on 27 April 2023 to repurchase up to 4,035,917 shares, representing approximately 14.99% of the issued share capital.
| Date | 4 Apr 2024 |
| Time | 09:32:06 |
| Category | Capital structure |
| ID | 3292J |
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For release on 4 April 2024
DEVELOP NORTH PLC
(the "Company")
Commencement of New Share Buyback Programme
The Board of Develop North PLC today announces the commencement of a new share buyback programme (the "Programme"). Under the Programme the Company will repurchase Ordinary Shares (the "Shares") for up to a maximum consideration of £500k. All Shares purchased under this programme will be held in treasury.
Subject to the renewal of the share buyback authority at the forthcoming Annual General Meeting the Programme will end on 30 June 2024. 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) 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.
Due to the limited liquidity in the Shares, a buyback of Shares pursuant to the above authority on any given trading day may represent all or a significant proportion of the daily trading volume in the shares and may exceed 25% of the average daily trading volume specified in the provisions of the UK version of the Market Abuse Regulation (596/2014/EU) dealing with buyback programmes and, accordingly, the Company will not benefit from the exemption contained in Article 5(1) of that Regulation (EU).
For further information regarding Develop North PLC (LEI: 213800EXPWANYN3NEV68) please contact:
|
Develop North PLC Ian McElroy |
+44 (0) 191 222 0099 |
|
Tier One Capital Ltd (Investment Adviser) Brendan O'Grady |
+44 (0) 191 222 0099 |
|
Apex Fund Administration Services (UK) Limited (Secretary) Nicola Board |
+44 (0) 1245 398950 |
|
Cavendish Capital Markets Limited (Sponsor, Broker and Financial Adviser) James King / Andrew Worne |
+44 (0) 207 220 0500 |
Develop North 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 Ltd. Tier One Capital is a wealth management and property lending firm providing financial advice services and bespoke tailored lending to the property development market.