The programme will be undertaken in two tranches, with the company announcing in the first tranche that it has entered into non-discretionary instructions with Numis Securities Limited to conduct a share buyback programme on the company’s behalf, and to make trading decisions independently of the company.
Under the terms of the engagement with Numis, the first tranche will be for maximum aggregate consideration of £25m, commencing today (20 June), and will end on or before 30 September 2022. The maximum number of shares to be bought back by the company is 50 million.
Pets at Home said the sole purpose of the programme is to reduce the company’s share capital, and the board of directors has decided that the shares purchased pursuant to the programme will be cancelled.
Meanwhile, the second tranche is expected to be undertaken by HSBC Bank plc, and further details in respect of these arrangements will reportedly be announced in due course.