Vistry Share Price Edged Up 2.54% on £55M Share Buyback Program

The Vistry Group PLC (LON: VTY) share price edged up 2.54% after initiating its plan to buy back shares, as detailed in its half-year results on September 11, 2023. This buyback program involves repurchasing up to £55 million worth of its 50 pence ordinary shares.

The program starts today, December 11, 2023, and is anticipated to wrap up by March 14, 2024, aligning with the Group's full-year results announcement.

Aligned with its Half Year results declaration, the Group aims to maintain a twice-adjusted earnings cover for ordinary distributions over a complete financial year. These distributions could be in the form of share buybacks or dividends, based on the Board's decision considering various factors at that time.

Vistry has established non-discretionary agreements with Numis Securities Ltd (“Deutsche Numis”) and Peel Hunt LLP (“Peel Hunt”), referred to collectively as “the Brokers,” for the repurchase of its ordinary shares. The first part of the buyback will be managed by Deutsche Numis, with Peel Hunt handling the latter part.

The total spending on these share purchases will not exceed £55 million, excluding stamp duty and other expenses. Of the shares bought back under this program, 250,000 may be retained in the Treasury, with the rest being cancelled.

As outlined in this notice, these share purchases will occur on the London Stock Exchange and/or other recognised trading platforms. This buyback is in line with Vistry's authority, granted by its shareholders during the Annual General Meeting on May 18, 2023, to repurchase a maximum of 34,571,674 Ordinary Shares. 

The primary aim of this initiative is to reduce the company's share capital, adhering to relevant market regulations, including the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU, along with any amendments applicable in the UK.

Vistry will publicly announce any repurchases of its ordinary shares by 7:30 a.m. on the next business day after each transaction.

Vistry share price. 

The Vistry share price edged up 2.54% to trade at 792.1p from Friday’s closing price of 772.5p.