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Virgin Money UK To Repurchase 75 Mln Pounds Of Shares

Virgin Money UK PLC (VM) on Thursday said it plans to repurchase of up to 75 million pounds in aggregate between its ordinary shares of 0.10 pounds each listed on the LSE and CHESS Depositary Interests (CDIs), each representing one Share, listed on the Australian Securities Exchange. The buyback is expected to commence on 30 June and would end no later than 17 December.

The purpose of the buyback is to reduce the company's issued share capital by returning surplus capital to shareholders.

Subject to trading liquidity, Virgin Money intends to repurchase the shares and CDIs in approximately equal proportions.

The buyback would supplement the 2.5p interim dividend in line with the announced framework.

The company has entered into a non-discretionary arrangement with Citigroup Global Markets Limited for this buyback. The company has also entered into a discretionary arrangement with Citigroup Global Markets Australia Pty Limited to purchase CDIs on the Australian Securities Exchange.

The repurchased Shares and CDIs (once transmuted into shares) are planned to be cancelled.

Shares of Virgin Money closed Wednesday's trading at 128.25 pence, down 3.85 pence or 2.91 percent from the previous close.

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