Pets At Home Group Plc has announced the commencement of a £25 million share buyback programme, as part of its commitment made in the preliminary announcement of its results for the year ended 28 March 2024. The programme will be undertaken in two tranches, with the first tranche being for a maximum aggregate consideration of £12.5 million. This first tranche will be conducted by Numis Securities Limited and is set to commence on 24 June 2024, ending on or before 27 September 2024. The sole purpose of the programme is to reduce the company's share capital, with the shares purchased to be cancelled by the board of directors.
The programme will be carried out within the limitations of the authority granted to the Board of the Company by shareholders at its annual general meeting held on 6 July 2023. It is also conditional on the renewal of such authority at the Company's 2024 annual general meeting, to be held on 11 July 2024. The Programme will be in accordance with the UK version of the EU Market Abuse Regulation and the Commission Delegated Regulation, as well as Chapter 12 of the Financial Conduct Authority's Listing Rules.
The second tranche of the Programme is expected to be undertaken by HSBC Bank plc, with further details to be announced in due course. For any enquiries, Pets at Home Group Plc has provided contact information for investor relations and media inquiries.