Share Buy-Back Programme
Driver Group plc (AIM:DRV), the leading global professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services, announces that it intends to extend the current share buy-back programme under which the initial limit on share purchases of £500,000 (before expenses) was reached on 16 August 2019. Under the programme as extended, the Company may conduct on-market purchases in an amount of up to a further £500,000 (before expenses) to repurchase up to 1,250,000 ordinary shares of 0.4 pence each in the capital of the Company (“Ordinary Shares”), pursuant to the authority obtained at the Company's most recent annual general meeting held on 27 February 2019 (“the Buy-Back”). The Buy-Back will be funded from the Company's existing cash resources and any Ordinary Shares repurchased will be held in Treasury and will be available, inter alia, to satisfy the exercise of vested share options under the Company's share incentive plans. Repurchases under the programme as extended may be made up to and including 31 October 2019 (or, if earlier, no later than 30 days prior to the announcement of the final results for the year ending 30 September 2019).
The Company will repurchase up to a maximum of 1,250,000 Ordinary Shares, representing up to approximately 2.32 per cent. of the Company's issued share capital in accordance with the authority received on 27 February which provides that any and all buybacks will be made at a price per Ordinary Share of the higher of; not more than 5 per cent. above the average middle market quotations for an Ordinary Share (as derived from the London Stock Exchange Daily Official List) for the five business days immediately preceding the date of repurchase and the higher of the last independent trade and the highest current independent bid.
Shareholders should also be aware that, due to the generally low average daily trading volume, a repurchase of Ordinary Shares pursuant to the Buy-Back on any trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares on the AIM market of the London Stock Exchange plc, and could exceed the 25 per cent. limit of the average daily trading volume, as specified in Article 3 of the Commission Delegated Regulation (EU) 2016/1052 supplementing the Market Abuse Regulation (EU) 596/2014 (“MAR”), during the month preceding this announcement or the 20 trading days preceding the date of purchase.
There is no guarantee that the programme will be implemented in full or that any repurchases will be made.
As at the time of this announcement, the Company has 53,962,868 Ordinary Shares in issue and admitted to trading on AIM. The Company holds 1,737,811 Ordinary Shares in treasury. The figure to be used as the denominator for calculations of interests in the Company's voting rights, therefore, is 52,225,057 Ordinary Shares.
This announcement is released by Driver Group plc and contains inside information for the purposes of Article 7 of MAR, encompassing information relating to the Buy-Back described herein, and is disclosed in accordance with the Company's obligations under Article 17 of MAR.