ContourGlobal PLC

Transaction in Own Shares • Apr 1, 2020

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 3692I

ContourGlobal PLC

01 April 2020

For immediate release

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) 596/2014.

1 April 2020

ContourGlobal plc ("ContourGlobal" or the "Company")

Share buy-back programme of up to £30 million

ContourGlobal plc today announces that it will commence a share buy-back programme of up to £30 million of ContourGlobal plc Ordinary Shares ("Shares"). The programme will initially run from 1 April 2020 to 30 June 2020. The maximum number of Shares that may be repurchased by the Company under the programme is 20 million1. Any Shares repurchased will be held in treasury pending cancellation or re-issue.

The Company has entered into an agreement with Investec Bank plc ("Investec") to act as principal in relation to the purchase of the Shares and subsequent on sale of such Shares to the Company. Under the terms of the agreement, Investec will make purchases of the Shares under the buy-back programme independently of, and uninfluenced by, ContourGlobal.

Any purchases of Shares contemplated by this announcement will be effected within certain pre-set parameters agreed between ContourGlobal and Investec. These arrangements will be in accordance with the Company's general authority to repurchase shares granted by ContourGlobal's shareholders at the 2019 annual general meeting ("AGM") under Resolution 18 of that meeting, Chapter 12 of the UK Listing Authority's Listing Rules and the relevant provisions of Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. The purpose of the programme is to reduce the Company's issued share capital.

Any purchases effected following the expiry of the authority granted at the 2019 AGM of ContourGlobal plc will be carried out under the authority to be granted pursuant to an equivalent resolution to be proposed at the Company's 2020 AGM, assuming such resolution is passed. Full details of the applicable resolution will be set out in the AGM notice. 

Joseph Brandt, Chief Executive of ContourGlobal said "ContourGlobal's share price does not reflect the value of the underlying business. We have a resilient business, a strong balance sheet and highly visible cash flows. We therefore think it is in the interests of all shareholders to commence this programme."

1 Based on closing share price of 147 pence on 30 March 2020 and total value for the programme of £30 million

About ContourGlobal

ContourGlobal is listed on the premium segment of the London Stock Exchange (TKR: GLO). ContourGlobal is an international owner and operator of contracted wholesale power generation businesses with approximately 4,844 MW in operation in 18 countries. ContourGlobal operates a portfolio of 107 thermal and renewable power plants across Europe, Latin America, and Africa utilizing a wide range of technologies.

ENQUIRIES

Investor Relations - ContourGlobal

John Smelt

Tel: +44 (0) 203 626 9047

Mob: +44 (0) 7500 129 218

john.smelt@contourglobal.com

Media - Brunswick

Charles Pretzlik/Simon Maine

Tel: +44 (0) 207 404 5959

Contourglobal@brunswickgroup.com

ENDS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

POSKKDBPPBKKDQK