Transaction in Own Shares
Updated : 07:01
20 November 2024 | |||
Vertu Motors plc | |||
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("Vertu Motors" or the "Company") | |||
Transaction in Own Shares | |||
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Vertu Motors plc (AIM: VTU) announces that on 19 November 2024 it purchased 182,026 ordinary shares of 10p each in the Company (the "Repurchased Shares"), pursuant to the share buyback programme (the "Buyback Programme") that was announced on 16 October 2024, as follows (together the "Transaction"): | |||
Date of purchase | 19 November 2024 | ||
Number of ordinary shares purchased | 182,026 | ||
Highest price paid per ordinary share | 60.8 pence | ||
Lowest price paid per ordinary share | 59.9 pence | ||
Volume weighted average price paid per ordinary share | 60.4546 pence | ||
Application will be made for the Repurchased Shares to be cancelled. Following the cancellation of the Repurchased Shares, the total number of ordinary shares with voting rights will be 332,896,956 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Vertu Motors under the FCA's Disclosure Guidance and Transparency Rules. The Company holds no shares in treasury.
Since the Group began Share Buybacks in October 2018, over £34.1m has been returned to shareholders, reducing the Company's shares in issue by 16.2% over the same period. | |||
The Company will make further announcements in due course following the completion of any further purchases pursuant to the Buyback Programme. | |||
In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 details of the purchase of its own ordinary shares by Vertu Motors, which were all executed through the Company's broker, Stifel Nicolaus Europe Limited ("Stifel"), are set out below: | |||
Schedule of Purchases: |
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Shares purchased: | Vertu Motors plc (ISIN: GB00B1GK4645) | ||
Date of purchases: | 19 November 2024 | ||
Aggregate information: |
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Aggregated Volume | Volume-weighted | Venue |
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182,026 | 60.4546 pence | London Stock Exchange | |
Individual transactions: |
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47,345 | 60.0 pence | 16:28 UK | |
20,000 | 60.0 pence | 16:28 UK | |
10,000 | 59.9 pence | 16:29 UK | |
96,365 | 60.8 pence | 16:35 UK | |
8,316 | 60.8 pence | 16:36 UK | |
Vertu Motors plc |
| Tel: +44 (0) 191 491 2121 | |
Robert Forrester, CEO | |||
Karen Anderson, CFO Phil Clark, Investor Relations | |||
Stifel (Nominated Adviser and Broker) | Tel: +44 (0) 207 710 7688 | ||
Matthew Blawat | |||
Nick Harland | |||
Camarco |
| Tel: +44 (0) 203 757 4980 | |
Billy Clegg | |||
Tom Huddart | |||
Notes to Editors |
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Vertu Motors is the fourth largest automotive retailer in the UK with a network of 200 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu and Macklin Motors brand names. | |||
Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 196 franchised sales outlets and 4 non-franchised sales operations from 154 locations across the UK. | |||
Vertu's Mission Statement is to "deliver an outstanding customer motoring experience through honesty and trust". | |||
Vertu Motors Group websites - https://investors.vertumotors.com / www.vertucareers.com | |||
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