EBT Market Purchase Programme
Source: RNS
3 October 2024
On the Beach Group plc
("On the Beach", "OTB", the "Company" or the "Group")
EBT Market Purchase Programme
On the Beach Group plc, today announces that VG Corporate Trustee Limited (the "Trustee"), as Trustee of the On the Beach Group Employee Benefit Trust (No.2) (the "EBT") will shortly commence making market purchases of ordinary shares of £0.01 each in OTB ("Shares") (the "EBT Market Purchase Programme").
Purchases under the EBT Market Purchase Programme are for a maximum aggregate consideration of £5 million (inclusive of brokerage and dealing charges) which has been funded by the Company by way of gift to the EBT.
Shares purchased under the EBT Market Purchase Programme will be used to satisfy existing, planned and anticipated awards under OTB's employee share schemes, or as otherwise permissible within the terms of the EBT trust deed, in order to ensure that the Company operates within the dilution limits approved by shareholders.
For further information:
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On the Beach Group plc Shaun Morton, Chief Executive Officer Jon Wormald, Chief Financial Officer
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via FTI Consulting |
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FTI Consulting Alex Beagley Harriet Jackson Hannah Butler |
Tel: +44 (0)20 3727 1000 onthebeach@fticonsulting.com |
About On the Beach
On the Beach Group plc is one of the UK's largest online beach holidays retailers, with significant opportunities for growth. Its innovative technology, low-cost base and strong customer-value proposition provides a structural challenge to legacy tour operators and online travel agents, as it continues disrupting the online retail of beach holidays. Its model is customer-centric, asset light, profitable and cash generative.
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