InterContinental Hotels Group PLC Announces Transaction in Own Shares - May 16
On May 16, 2024, InterContinental Hotels Group (IHG) announced the repurchase of 36,557 of its ordinary shares on May 15, 2024. The shares were bought at prices ranging from £77.7000 to £78.3800, with an average price of £78.0711 per share. This buyback was executed through Goldman Sachs International, authorized by shareholders at IHG's Annual General Meeting on May 3, 2024. Post-transaction, IHG has 162,568,472 ordinary shares in issue, excluding 7,006,782 held in treasury. The company intends to cancel the repurchased shares. Further details can be found on the London Stock Exchange's website.
- Repurchased 36,557 shares, indicating strong financial health.
- Shares bought at a premium price range (£77.7000 to £78.3800).
- Buyback authorized by shareholders, reflecting investor confidence.
- Post-transaction, 162,568,472 shares in issue, excluding treasury shares, reducing outstanding share count.
- Cancellation of repurchased shares, potentially increasing future EPS (Earnings Per Share).
- No direct mention of the financial impact of the buyback on short-term liquidity.
- Average buyback price (£78.0711) could be seen as high by some analysts.
- Details on the strategic reason behind the buyback not provided.
Purchase of own shares
LONDON, UK / ACCESSWIRE / May 16, 2024 / The Company announces that on 15 May 2024 it purchased the following number of its ordinary shares of 20340/399 pence each through Goldman Sachs International ("GSI") on the London Stock Exchange in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 3 May 2024 (the "Purchase"). The Purchase was effected pursuant to instructions issued by the Company on 20 February 2024, as announced on 20 February 2024.
| Date of purchase: | 15 May 2024 |
| Aggregate number of ordinary shares purchased: | 36,557 |
| Lowest price paid per share: | £ 77.7000 |
| Highest price paid per share: | £ 78.3800 |
| Average price paid per share: | £ 78.0711 |
The Company intends to cancel the purchased shares.
Following the above transaction, the Company has 162,568,472 ordinary shares in issue (excluding 7,006,782 held in treasury).
A full breakdown of the individual purchases by GSI is included below.
http://www.rns-pdf.londonstockexchange.com/rns/6273O_1-2024-5-15.pdf
Enquiries to:
InterContinental Hotels Group PLC:
Investor Relations: Stuart Ford (+44 (0)7823 828 739); Aleksandar Milenkovic (+44 (0)7469 905 720); Joe Simpson (+44 (0)7976 862 072)
Media Relations: Mike Ward (+44 (0)7795 257 407)
Schedule of Purchases
Shares purchased: 36,557 (ISIN: GB00BHJYC057)
Date of purchases: 15 May 2024
Investment firm: GSI
Aggregated information:
London Stock Exchange | Cboe BXE | Cboe CXE | Turquoise | |
Number of ordinary shares purchased | 36,557 | |||
Highest price paid (per ordinary share) | £ 78.3800 | |||
Lowest price paid (per ordinary share) | £ 77.7000 | |||
Volume weighted average price paid(per ordinary share) | £ 78.0711 |
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SOURCE: InterContinental Hotels Group PLC
View the original press release on accesswire.com
FAQ
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