The City Pub Group plc announces an Equity Buyback for 10,579,343 shares, representing 10% of its issued share capital, under the authorization approved on June 8, 2022.
October 07, 2022 at 02:00 am EDT
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The City Pub Group plc (AIM:CPC)commences share repurchases on October 6, 2022 under the program mandated by the shareholders in the Annual General Meeting held on June 8, 2022. As per the mandate, the company is authorized to repurchase up to 10,579,343 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to satisfy share options and share awards under a company's employee share scheme. The authority shall expire at the conclusion of the next Annual General Meeting of the company or in 15 months, whichever is earlier. As of May 13, 2022, the company had 105,793,430 ordinary shares in issued.
On October 5, 2022, the company announced a share repurchase program. Under the program, the company will repurchase up to £2 million worth of its Ordinary Shares. The repurchases will end no later than September 20, 2023.
The City Pub Group PLC is a United Kingdom-based company, which is engaged in the management and operation of public houses. The Company owns and operates of 54 premium pubs across Southern England and Wales. Its portfolio consists of freehold, managed pubs, offering a range of drinks and food tailored to each of its pubsâ customers. Its pubs include The Cat & Mutton, The Althorp, Bath Cider House, The Petersfield, Aragon House, The Bridge, Bath Brew House, The Belle Vue, Bow Street Tavern, Old Fire House, Potters, Damson & Wilde, The Cock & Bottle, The Cork, The Hoste, King Street Brew House, The Lighthouse, Kingâs house, Market House, The Mill, Simmons Bateman Street, The Plough, The Plough is a leasehold pub located on the Cornmarket in the center of Oxford. The Hoste is a hotel and spa with approximately 62 boutique bedrooms, restaurants, and an old bar.
The City Pub Group plc announces an Equity Buyback for 10,579,343 shares, representing 10% of its issued share capital, under the authorization approved on June 8, 2022.