Company Announcements

EUR20 Million Share Buyback Programme

Source: RNS
RNS Number : 7154A
Origin Enterprises Plc
27 September 2022
 

Origin Enterprises plc

 

 Proposed €20 Million Share Buyback Programme

 

27 September 2022: Origin Enterprises plc ("Origin" or the "Company") announces, following the release of its 2022 preliminary results earlier today, the commencement of a share buyback programme to repurchase up to €20 million of its ordinary shares.

The Company has entered into irrevocable, non-discretionary arrangements with J&E Davy ("Davy") to repurchase ordinary shares on the Company's behalf up to a maximum consideration of €20 million (the "Share Buyback Programme"). The Share Buyback Programme will be conducted in two tranches, the second of which is conditional on approval of a new repurchase authority to be sought by the Company at its next Annual General Meeting (the "2022 AGM"), which is expected to be held on or around 22 November 2022 (the "2022 Repurchase Authority").

The Share Buyback Programme will commence tomorrow, 28 September 2022 and may continue until 31 March 2023 subject to market conditions, requisite shareholder authorities, the ongoing capital requirements of the business and termination provisions customary for arrangements of this nature.

The Share Buyback Programme will initially be conducted within the scope of the authority to repurchase shares conferred on the Company at its 2021 Annual General Meeting on 25 November 2021 as reduced by the repurchases of shares by or on behalf of the Company pursuant to the €40 million share buyback completed earlier this year (with the remaining authority allowing for the repurchase of 2,476,327 shares).  The continuation of the Share Buyback Programme will be conditional on the approval of shareholders of the 2022 Repurchase Authority at the 2022 AGM.

The purpose of the Share Buyback Programme is to reduce the share capital of the Company. The repurchased ordinary shares will be held in treasury pending their cancellation or re-issue in due course.  Any repurchases will be carried out on Euronext Dublin.

Davy will make purchases of the shares under the buyback programme independently of, and uninfluenced by, the Company. Purchases under the Share Purchase Programme may continue during any closed period to which the Company is subject. The Share Buyback Programme will be conducted in accordance with the parameters prescribed by the Market Abuse Regulation 596/2014/EU, the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of Euronext Dublin.

The Share Buyback Programme may be supplemented by the purchase of shares by way of block trades effected by Davy as agent of the Company in accordance with the Company's general authority to repurchase shares then in place. Any shares repurchased through block trades will count towards the maximum consideration payable, and the maximum number of shares that may be purchased, by the Company under the Share Buyback Programme.

Details of any ordinary shares repurchased under the Share Buyback Programme or by way of block trades will be notified to a Regulatory Information Service by the Company following repurchase. The Company confirms that currently it has no unpublished inside information.

ENDS


Enquiries:

 

Barbara Keane +353 1 563 4900

Company Secretary

Origin Enterprises plc

 

 

About Origin Enterprises plc

 

Origin Enterprises plc is an international Agronomy-Services group, providing specialist advice, inputs, services and digital solutions to promote sustainable land use.  The Group has leading market positions in Ireland, the United Kingdom, Brazil, Poland, Romania and Ukraine.  Origin's ordinary shares are listed on the Euronext Growth (Dublin) market of Euronext Dublin and the AIM market of the London Stock Exchange.

 

Euronext Growth (Dublin) ticker symbol:   OIZ

AIM ticker symbol:                                     OGN

Website:                                                    www.originenterprises.com

 

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