InterContinental Hotels Group PLC Announces Transaction in Own Shares - May 29

Rhea-AI Summary

On May 29, 2024, InterContinental Hotels Group (IHG) announced the purchase of 37,503 of its ordinary shares at an average price of £78.4434 per share. The transaction, conducted through Goldman Sachs International (GSI) on May 28, 2024, follows the authority granted at the Annual General Meeting on May 3, 2024. The company intends to cancel the purchased shares, reducing the total number of shares in issue to 162,192,826, excluding 7,006,782 treasury shares.

Positive

• IHG purchased 37,503 shares, potentially boosting shareholder value.
• Average purchase price of £78.4434 indicates strong market confidence.
• Reduction in total shares outstanding could enhance earnings per share (EPS).
• Conducted through reputable firm Goldman Sachs International, ensuring transparency.

Negative

• Cost of repurchase could impact short-term liquidity.
• Share buybacks may signal lack of profitable investment opportunities.
• Cancelling shares does not provide immediate tangible benefits to shareholders.

LONDON, UNITED KINGDOM / ACCESSWIRE / May 29, 2024 / Purchase of own shares

The Company announces that on 28 May 2024 it purchased the following number of its ordinary shares of 20^340/399 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:	28 May 2024
Aggregate number of ordinary shares purchased:	37,503
Lowest price paid per share:	£ 78.1200
Highest price paid per share:	£ 78.8800
Average price paid per share:	£ 78.4434

The Company intends to cancel the purchased shares.

Following the above transaction, the Company has 162,192,826 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/1687Q_1-2024-5-28.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: 37,503 (ISIN: GB00BHJYC057)

Date of purchases: 28 May 2024

Investment firm: GSI

Aggregated information:

	London Stock Exchange	Cboe BXE	Cboe CXE	Turquoise
Number of ordinary shares purchased	37,503
Highest price paid (per ordinary share)	£ 78.8800
Lowest price paid (per ordinary share)	£ 78.1200
Volume weighted average price paid(per ordinary share)	£ 78.4434

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: InterContinental Hotels Group PLC

View the original press release on accesswire.com

FAQ

What did IHG announce on May 29, 2024?

IHG announced the purchase of 37,503 of its ordinary shares on May 28, 2024, at an average price of £78.4434 per share.

How many shares did IHG buy back on May 28, 2024?

IHG bought back 37,503 shares on May 28, 2024.

What was the average price paid by IHG for the share buyback?

The average price paid per share by IHG was £78.4434.

What is the new total number of IHG shares in issue after the buyback?

The new total number of IHG shares in issue is 162,192,826, excluding 7,006,782 treasury shares.

Which firm conducted the share buyback for IHG?

The share buyback was conducted through Goldman Sachs International.