Share Buyback Programme
Source: RNS
21 February 2023
InterContinental Hotels Group PLC (the "Company")
Purchase of own shares
The Company announces that it will commence a share buyback programme to purchase ordinary shares of 20340/399 pence each in the Company ("Shares") with aggregate value of up to USD 750 million (the "Programme") in line with its strategy to return surplus capital to shareholders.
In connection with the Programme, the Company has entered into an agreement with Goldman Sachs International ("GSI") in relation to the purchase by GSI, acting as principal and in accordance with certain pre-set parameters, of Shares. Under this agreement, the Company has instructed GSI to purchase Shares with value of up to USD 750 million. Purchases of the Company's Shares pursuant to the Programme will commence immediately and will end no later than 29 December 2023. GSI will make trading decisions in relation to the Programme independently of, and uninfluenced by, the Company with regard to the timing of the purchases. Any purchase of Shares by GSI contemplated by this announcement will be carried out on the London Stock Exchange, Cboe Europe Limited through the BXE and CXE order books and/or on Turquoise. Shares purchased by GSI will be on-sold by GSI to the Company, and any purchases of Shares by the Company from GSI under the Programme will be carried out on the London Stock Exchange.
The purpose of the Programme is to reduce the issued share capital and the Shares purchased will be cancelled.
Any purchases under the Programme shall take place in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase Shares granted by its shareholders at the Annual General Meeting on 6 May 2022 (the "2022 Authority") and any further authority to repurchase Shares as may be granted by its shareholders from time to time and Chapter 12 of the Financial Conduct Authority's Listing Rules. The maximum number of Shares that the Company is authorised to purchase under the 2022 Authority is 9,103,637 (taking into account Shares purchased by the Company prior to 21 February 2023). Purchases of Shares by GSI under the Programme shall take place in accordance with the Market Abuse Regulation (EU) No 596/2014 (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019) and the Commission Delegated Regulation (EU) No 2016/1052 (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019).
The Company will make further regulatory announcements to shareholders in respect of purchases of Shares under the Programme as they occur.
For further information, please contact:
Investor Relations: Stuart Ford (+44 (0)7823 828 739); Aleksandar Milenkovic (+44 (0)7469 905 720);
Joe Simpson (+44 (0)7976 862 072)
Media Relations: Amy Shields (+44 (0)7881 035 550); Claire Scicluna (+44 (0)7776 778 808)
About IHG Hotels & Resorts:
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a global hospitality company, with a purpose to provide True Hospitality for Good.
With a family of 18 hotel brands and IHG One Rewards, one of the world's largest hotel loyalty programmes, IHG has over 6,000 open hotels in over 100 countries, and more than 1,800 in the development pipeline.
· Luxury & Lifestyle: Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo
· Premium: voco hotels, HUALUXE Hotels & Resorts, Crowne Plaza Hotels & Resorts, EVEN Hotels
· Essentials: Holiday Inn Hotels & Resorts, Holiday Inn Express, avid hotels
· Suites: Atwell Suites, Staybridge Suites, Holiday Inn Club Vacations, Candlewood Suites
· Exclusive Partners: Iberostar Beachfront Resorts
InterContinental Hotels Group PLC is the Group's holding company and is incorporated and registered in England and Wales. Approximately 325,000 people work across IHG's hotels and corporate offices globally.
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