Pets At Home launches £25m share buyback scheme
According to Pets at Home, the sole purpose of the programme is to reduce the company's share capital
Pets at Home Group has announced the commencement of a £25m share buyback programme, which will be undertaken in two tranches.
The company also stated that in respect of the first tranche of the programme, it has entered into non-discretionary instructions with Numis Securities Limited to conduct a share buyback programme on the company’s behalf and to make trading decisions independently of the company.
Under the terms of the engagement with Deutsche Numis, the first tranche programme will be for maximum aggregate consideration of £12.5m and commenced on 24 June 2024, and will end on or before 27 September 2024.
According to Pets at Home, the sole purpose of the programme is to reduce the company’s share capital.
The board of directors of the company has decided that the shares purchased pursuant to the programme will be cancelled.
The programme will take place within the limitations of the authority granted to the board of the company by shareholders at its annual general meeting held on 6 July 2023, pursuant to which the maximum number of shares to be bought back by the company is 48,319,778, and is conditional on the renewal of such authority at the company’s 2024 annual general meeting, to be held on 11 July 2024.
The second tranche of the programme is expected to be undertaken by HSBC Bank plc. Further details in respect of these arrangements will be announced in due course.
