1 July 2024

PayPoint plc

Share Buyback Programme

Commencement of £20 million Share Buyback Programme

Further to its announcement on 13 June 2024, PayPoint plc ("PayPoint" or the "Company") announces that it will launch a share buyback programme (the "Programme") to purchase ordinary shares in the capital of the Company (the "Ordinary Shares") for an aggregate consideration of £20 million with immediate effect. The sole purpose of the Programme is to reduce the share capital of PayPoint and therefore the Ordinary Shares purchased under the Programme will be cancelled. The Directors of the Company consider the Programme to be in the best interests of the Company and its shareholders.

The Programme is subject to the authority granted by a special resolution of the Company passed on 07 September 2023 and will take place during the period starting on 1 July 2024 and ending no later than 30 June 2025. The maximum number of Ordinary Shares which may be purchased by the Company under the Programme is 7,257,609 and is conditional on the renewal of such authority at the Company's 2024 annual general meeting, to be held on 01 August 2024.

The Company has entered into irrevocable, non-discretionary instructions with Investec Bank plc ("Investec") to conduct the Programme on its behalf and to make trading decisions under the Programme independently of PayPoint. The Programme will be conducted within certain pre-set parameters including those prescribed by the Market Abuse Regulation 596/2014 (as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended)) and Chapter 12 of the Listing Rules.

PayPoint will announce any purchase of Ordinary Shares pursuant to the Programme no later than 7.30 a.m. on the business day following the calendar day on which the purchase occurs.  

Investec may undertake transactions in the Company's ordinary shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the Programme. PayPoint will make any disclosures it is legally required to make in relation to such transactions.

Following discussions between the Company and the Takeover Panel, the Takeover Panel has agreed that, under Rule 37.1 of the Takeover Code and the notes to that Rule, Asteriscos Patrimonial SL should be treated as an "innocent bystander" in relation to any increase in its holdings of Shares as a result of the buyback and will not therefore be required to make an offer under Rule 9 as a result of any increase in its holding caused by such a buyback.

Enquiries

    LEI number of PayPoint plc: 5493004YKWI8U0GDD138