OSB Group Unveils Share Repurchase Plan to Enhance Value
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Overview of OSB Group's Share Repurchase Programme
OSB Group PLC has announced an exciting initiative aimed at enhancing shareholder value through its latest Share Repurchase Programme. This strategic move reflects the Group's dedication to providing attractive and sustainable returns to its investors.
Details of the Share Repurchase Programme
The programme will officially commence, as outlined in their recent interim report, allowing the Group to buy back up to £50 million worth of its ordinary shares. This initiative is anticipated to begin shortly, marking a significant step in the Group’s strategy to return value to its shareholders.
Agreement with Citigroup Global Markets
To facilitate this process, OSB Group has entered into a non-discretionary agreement with Citigroup Global Markets Limited, commonly known as Citi. This partnership enables Citi to conduct the share repurchases on behalf of the Group, making market purchases as a riskless principal. Both parties have agreed on specific parameters governing trading decisions, ensuring a smooth execution of the programme.
Impact on Share Capital
Upon purchase, the ordinary shares acquired will be sold back to OSB Group, with the intention of subsequently cancelling these shares. This strategy aims to effectively reduce the Group's overall share capital, which is expected to fortify the value of existing shares. The maximum number of shares targeted for repurchase has been set at 39,358,310, as approved by the shareholder base during the recent Annual General Meeting.
Compliance and Regulatory Framework
The share repurchase activities will be conducted in strict adherence with the UK’s Market Abuse Regulation and relevant financial rules, ensuring that the transactions are compliant with industry standards and contribute positively to market integrity.
Anticipated Completion Timeline
OSB Group aims to complete the repurchase programme by early next year. This timeline will provide sufficient opportunity for the Group to assess market conditions and execute transactions efficiently.
Contact Information for Further Inquiries
For more details about the Share Repurchase Programme, interested parties can reach out to Alastair Pate at OSB Group PLC, Group Head of Investor Relations, at the provided contact number. Additionally, the Brunswick team, including Robin Wrench and Simone Selzer, is also available for inquiries regarding this announcement.
About OSB Group
OSB Group PLC, originally known as OneSavings Bank plc, has a rich history in the financial services sector. Following its establishment in February 2011, OSB made significant advancements, including a notable acquisition of Charter Court Financial Services Group in late 2019. As a prominent specialist lender operating within the UK, OSB Group is committed to supporting retail savings and providing lending services while maintaining regulatory compliance to deliver secure and reliable services to clients.
Frequently Asked Questions
What is the purpose of the Share Repurchase Programme?
The Share Repurchase Programme is designed to return capital to shareholders and enhance the overall value of the company.
How much is OSB Group planning to spend on the repurchase?
The company plans to allocate up to £50 million for the share repurchase initiative.
Who is managing the repurchase programme?
Citigroup Global Markets Limited (Citi) will manage the share repurchases on behalf of OSB Group.
When is the expected completion date for the programme?
The programme is expected to be completed by early next year.
What compliance regulations apply to this programme?
The programme will be executed in compliance with the UK's Market Abuse Regulation and relevant financial conduct rules.
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