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The Pebble Group PLC commenced a share buyback programme on 1 May 2024. This programme, with a maximum aggregate consideration of £5.0m, involves the repurchase of ordinary shares managed by Joh. Berenberg, Gossler & Co. KG, London Branch. The initiative was authorized by shareholders at the Annual General Meeting held on 30 April 2024 and will continue until the earlier of reaching the maximum consideration or 30 June 2025.
| Date | 1 May 2024 |
| Time | 11:48:10 |
| Category | Capital structure |
| ID | 8424M |
1 May 2024
THE PEBBLE GROUP PLC
("The Pebble Group" or the "Group")
Commencement of Share Buyback Programme
The Pebble Group, a leading provider of digital commerce, products and related services to the global promotional products industry, is pleased to announce the commencement of a share buyback programme in the Group's ordinary shares of 1 pence each ("Ordinary Shares"), up to an initial maximum aggregate consideration of £5.0m (the "Share Buyback Programme"). The Group initially announced its intention to undertake the Share Buyback Programme in its Audited Full Year Results 2023, published on 19 March 2024 and it was also noted in its AGM Trading Update on 30 April 2024.
The Board considers that the Group's strong balance sheet provides an opportunity to repurchase its Ordinary Shares at an attractive level whilst returning capital back to shareholders. This initiative reflects both the Board's confidence in the Group's future value, continued focus on capital allocation and enhancing shareholder returns, alongside its continued investment in the Group's strategy. There are no changes expected to the Group's existing dividend policy.
The purpose of the Share Buyback Programme is to reduce the share capital of the Group.
In order to implement the Share Buyback Programme, The Pebble Group has entered into an agreement with its retained corporate broker, Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), on the following basis:
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Berenberg will manage the purchases on a discretionary basis, purchasing Ordinary Shares on the London Stock Exchange within certain pre-set parameters and making its trading decisions independently of, and uninfluenced by, the Group.
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The Share Buyback Programme will be executed in accordance with the authorities to repurchase Ordinary Shares granted by the Group's shareholders at the Annual General Meeting ("AGM") held on 30 April 2024.
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The Share Buyback Programme will also be conducted in accordance with the safe harbour parameters of the EU Market Abuse Regulation (596/2014) (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) and the AIM Rules.
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Any Ordinary Shares purchased will be cancelled, and therefore will reduce the issued share capital of the Group accordingly.
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The Group has authorised the Share Buyback Programme to commence from today and will continue whilst it retains the authority from shareholders to repurchase Ordinary Shares until the earlier of: (i) the maximum aggregate consideration payable by the Group has been reached or (ii) at close of business on 30 June 2025 or, if earlier, at the conclusion of the Company's AGM to be held in 2025.
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Any market purchase of Ordinary Shares pursuant to the Share Buyback Programme will be announced no later than 7:30am (UK time) on the business day following the day on which the purchased occurred.
Enquiries:
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The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer +44 (0) 750 012 4121 |
Temple Bar Advisory (Financial PR) Alex Child-Villiers / Alistair de Kare-Silver / Sam Livingstone +44 (0) 207 183 1190
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Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly +44 (0) 207 184 4384 |
Berenberg (Corporate Broker) Ben Wright / Mark Whitmore / Richard Andrews +44 (0) 203 207 7800 |
About The Pebble Group plc
The Pebble Group is a provider of digital commerce, products and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market. For further information, please visit www.thepebblegroup.com.