Wickes Announces Share Buyback Programme

Following the trading update released on 25 July 2023, Wickes Group plc is pleased to announce a share buyback programme.

The first tranche of the share buyback programme (the "Initial Programme") will be for a maximum aggregate market value equivalent to £12,500,000 (excluding any associated costs and stamp duty) which will be bought back in the form of the Company's ordinary shares. The Initial Programme will commence on 31 July 2023 and will end on or before 1 February 2024. The sole purpose of the Initial Programme is to reduce the Company's share capital. The Company intends to cancel any shares purchased.

The Company has entered into non-discretionary instructions with Investec Bank plc to conduct the Initial Programme on its behalf and to make trading decisions under the Initial Programme independently of the Company.

The Initial Programme will take place within the limitations of the authority granted to the Board of the Company by its annual general meeting, held on 23 May 2023, pursuant to which the maximum number of shares to be bought back by the Company is 25,963,799. The Initial Programme will take place in accordance with the Market Abuse Regulation (596/2014) as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the Financial Conduct Authority's Listing Rules.

Any further tranches of the buyback programme, which may be conducted after completion of the Initial Programme, will be announced in due course.

Source : Wickes 

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.