DJ Funding Circle Plc: Share Repurchase Programme
Funding Circle Plc (FCH)
Funding Circle Plc: Share Repurchase Programme
07-March-2024 / 07:05 GMT/BST
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Funding Circle Holdings plc
Share Repurchase Programme
Embargoed until 7.05am, 7 March 2024
Funding Circle Holdings plc ("Funding Circle") announces a discretionary programme to purchase ordinary shares of
GBP0.001 each in its share capital (the "Ordinary Shares") up to a maximum consideration of GBP25 million (the "Programme
"). The Board of Directors considers that the current trading price of Ordinary Shares materially undervalues Funding
Circle's business and a share repurchase will improve balance sheet efficiency by returning excess capital to
shareholders. It is expected that, unless terminated earlier, the Programme will end on the date on which the total GBP
purchase price of all Ordinary Shares purchased by Funding Circle pursuant to the Programme is equal to, or as close as
possible to, GBP25 million. It is intended that any purchased Ordinary Shares will be cancelled. The Company has
appointed its broker, Numis Securities Limited ("Deutsche Numis"), to manage the share buyback programme to repurchase
Ordinary Shares on its behalf.
Any purchases of Ordinary Shares by Funding Circle in relation to the Programme will be carried out on the London Stock
Exchange in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and
reporting obligations, and price conditions. The Programme will be carried out in accordance with the parameters
prescribed by the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union
(Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules using the average daily volume
of Ordinary Shares traded in February 2024, being the month preceding the month of this announcement. However, there
may be circumstances where Funding Circle conducts purchases up to 50% of this average daily volume.
Subject to available distributable reserves, an initial tranche of the Programme will be conducted by Funding Circle in
accordance with and under the terms of the general authority granted to the Board of Directors of Funding Circle by its
shareholders at its Annual General Meeting held on 11 May 2023 (the "2023 AGM"), which authority will expire at the end
of the next Annual General Meeting of Funding Circle in May 2024 (the "2024 AGM"). Pursuant to the 2023 AGM authority,
the maximum number of Ordinary Shares that can be bought back by Funding Circle is 36,130,314, representing 10% of
Ordinary Shares in issue at today's date. Following the expiry of the 2023 AGM repurchase authority, or to the extent
that Funding Circle meets the limit of that authority prior to the 2024 AGM, Funding Circle will seek further
repurchase authority at the 2024 AGM or an earlier General Meeting.
Contacts:
Funding Circle Investor Relations
Tony Nicol
ir@fundingcircle.com
Joint corporate brokers
Deutsche Numis: Stephen Westgate / Jamie Loughborough (+44 20 7260 1000)
Investec: Bruce Garrow / Kamalini Hull (+44 20 7597 4000)
Headland Consultancy
Mike Smith / Stephen Malthouse (+44 20 3805 4822)
About Funding Circle:
Funding Circle (LSE: FCH) is the UK's leading SME lending platform. Its mission is to build the place where small
businesses get the funding they need to win.
Funding Circle enables small businesses to access funding - offering an unrivalled customer experience powered by data
and technology.
For institutional investors, Funding Circle provides access to an alternative asset class in an underserved market,
with robust and attractive returns.
Globally, Funding Circle has extended more than GBP16bn in credit to c.150,000 businesses.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BG0TPX62
Category Code: MSCM
TIDM: FCH
LEI Code: 2138003EK6UAINBBUS19
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 308122
EQS News ID: 1853169
End of Announcement EQS News Service
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March 07, 2024 02:05 ET (07:05 GMT)
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