INTERCONTINENTAL HOTELS GROUP PLC PURCHASE OF OWN SHARES
InterContinental Hotels Group PLC (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 500 million (the "Programme") in line with its strategy to return surplus capital to shareholders. |
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INTERCONTINENTAL HOTELS GROUP PLC PURCHASE OF OWN SHARES
InterContinental Hotels Group PLC (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 500 million (the "Programme") in line with its strategy to return surplus capital to shareholders. |
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This is a press release selected by our editorial committee and published online for free on 2022-08-10
In connection with the Programme, the Company has entered into an agreement with Goldman Sachs International ("Goldman Sachs") in relation to the purchase by Goldman Sachs, acting as principal and in accordance with certain pre-set parameters, of Shares.
Under this agreement, the Company has instructed Goldman Sachs to purchase Shares with value of up to USD 500 million. Purchases of the Company's Shares pursuant to the Programme will commence immediately and will end no later than 31 January 2023.
Goldman Sachs 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 Goldman Sachs 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 Goldman Sachs will be on-sold by Goldman Sachs to the Company, and any purchases of Shares by the Company from Goldman Sachs 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 it is expected that the first 4.5 million shares purchased will be held as treasury shares and the balance of 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 18,401,631. Purchases of Shares by Goldman Sachs 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.
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