Last checked at 22 Sep 2017 08:48
22 September 2017
STV Group announces share repurchase programme
STV Group plc ('STV' or the 'Company') today announces that, in accordance with its intention stated at the interim results to return £10 million of capital to shareholders over the next 18 months, it will commence an inaugural share repurchase programme (the 'Programme') of STV ordinary shares of 50 pence each (the 'Ordinary Shares').
In order to implement the Programme, STV is entering into agreements with Peel Hunt LLP and Panmure Gordon & Co for them to independently carry out on-market purchases of its Ordinary Shares. Under these irrevocable arrangements purchases of Ordinary Shares up to an initial aggregate value of £2 million will be made by Peel Hunt and Panmure, including during any Company closed periods. The Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.
Any purchase of Ordinary Shares done in relation to the Programme will be carried out on the London Stock Exchange and executed in accordance with, and subject to limits prescribed by, the Listing Rules and STV's general authority to make market purchases of up to 3,954,823 Ordinary Shares. This authority expires at the end of the next Annual General Meeting of the Company in 2018 or, if earlier, at the close of business on 25 April 2018. STV intends to cancel any Ordinary Shares purchased under the Programme.
Enquiries:
STV Group plc
Ellen Drummond, PR & Communications Manager
Tel: 0141 300 3341
Charlotte Street Partners
Harriet Moll
Tel: 0131 516 5310