Share Buyback
Commencement
TBC Bank Group PLC ("TBC PLC")
announces that its Board of Directors has approved the commencement
of a share buyback programme in respect of shares having an
aggregate value of up to GEL 75 million (GBP 22.4 million) (the
"Programme"). The shares will be purchased in the open market. The
purpose of the Programme is, firstly, to purchase shares to
transfer to TBC PLC 's employee benefit trust (the "EBT") to
satisfy future share awards and, secondly, to reduce TBC PLC's
share capital.
The purchase of shares to be
transferred to the EBT, which will have an aggregate value of up to
GEL 25 million (GBP 7.5 million), is expected to commence
next week; such shares
will initially be held in treasury and are then expected to be
transferred to the EBT on or prior to 1
February 2025. The purchase of shares to be
cancelled, which will have an aggregate value of up to GEL 50
million (GBP 14.9 million), is expected to commence
forthwith.
The repurchase of shares under the
Programme will be carried out in accordance with TBC PLC's general
authority to repurchase Ordinary Shares granted at its Annual
General Meeting held on 25 May 2023 (the "2023 AGM"), Chapter 12 of
the Listing Rules, and the applicable provisions of Article
5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK
domestic law by the European Union (Withdrawal) Act 2018) and the
Commission Delegated Regulation (EU) 2016/1052 (as incorporated
into UK domestic law by the European Union (Withdrawal) Act 2018)
dealing with buyback programmes. The number of shares to be
purchased will not exceed the 2023 AGM approved limit of 5,499,142
shares. TBC PLC, in discussions with its broker, Investec Bank plc
("Investec"), has agreed that on any given trading day a buyback of
shares under the Programme may exceed 25
percent of the average daily trading volume on each trading
platform on which TBC PLC shares are traded. Where a buyback of
shares exceeds 25 per cent of the average daily trading volume on
any trading platform, TBC PLC will not fall within the exemption
contained in Article 5(1) MAR.
For
further enquiries, please contact:
Director of Investor Relations
Andrew Keeley
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC
PLC")
TBC Bank Group PLC ("TBC PLC") is a
public limited company registered in England and Wales. TBC PLC is
the parent company of JSC TBC Bank ("TBC Bank") and a group of
companies that principally operate in Georgia in the financial
sector. TBC PLC also offers non-financial services via TNET, the
largest digital ecosystem in Georgia. Since 2019, TBC PLC has
expanded its operations into Uzbekistan by operating fast growing
retail digital financial services in the country. TBC PLC is listed
on the London Stock Exchange under the symbol TBCG and is a
constituent of the FTSE 250 Index. It is also a member of the
FTSE4Good Index Series and the MSCI United Kingdom Small Cap
Index.
TBC Bank, together with its
subsidiaries, is a leading universal banking group in Georgia, with
a total market share of 39.1% of customer loans and 39.5% of
customer deposits as of 31 March 2024, according to data published
by the National Bank of Georgia on the analytical tool
Tableau.