InterContinental Hotels Group PLC Announces Transaction in Own Shares - Jun 06

Rhea-AI Summary

InterContinental Hotels Group (IHG) announced the purchase of 40,000 of its ordinary shares on June 5, 2024, through Goldman Sachs International on the London Stock Exchange. This transaction was authorized by the shareholders at the AGM on May 3, 2024. The shares were bought at a lowest price of £79.84 and a highest price of £80.60, with an average price of £80.2614. Following this transaction, IHG intends to cancel the purchased shares, resulting in 161,970,741 ordinary shares in issue, excluding 7,006,782 shares held in treasury.

Positive

• Purchase of 40,000 ordinary shares indicates strong cash flow.
• Share buyback can increase earnings per share (EPS) by reducing the total number of shares outstanding.
• The buyback reflects management's confidence in the company's financial health and future prospects.

Negative

• Money spent on buybacks reduces funds available for other investments or to cover debts.
• The average purchase price of £80.2614 may be considered high, limiting the potential financial benefit of the buyback.

Purchase of own shares

LONDON, UK / ACCESSWIRE / June 6, 2024 / The Company announces that on 05 June 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:	05 June 2024
Aggregate number of ordinary shares purchased:	40,000
Lowest price paid per share:	£ 79.8400
Highest price paid per share:	£ 80.6000
Average price paid per share:	£ 80.2614

The Company intends to cancel the purchased shares.

Following the above transaction, the Company has 161,970,741 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/3169R_1-2024-6-5.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: 40,000 (ISIN: GB00BHJYC057)

Date of purchases: 05 June 2024

Investment firm: GSI

Aggregated information:

	London Stock Exchange	Cboe BXE	Cboe CXE	Turquoise
Number of ordinary shares purchased	40,000
Highest price paid (per ordinary share)	£ 80.6000
Lowest price paid (per ordinary share)	£ 79.8400
Volume weighted average price paid(per ordinary share)	£ 80.2614

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 InterContinental Hotels Group announce on June 6, 2024?

InterContinental Hotels Group announced the purchase of 40,000 of its ordinary shares on June 5, 2024.

How many shares did IHG purchase on June 5, 2024?

IHG purchased 40,000 ordinary shares.

What was the average price paid per IHG share in the buyback on June 5, 2024?

The average price paid per share was £80.2614.

Why did IHG purchase its own shares?

IHG purchased its own shares to cancel them, aiming to reduce the total number of shares outstanding.

How many shares does IHG have in issue after the buyback?

IHG has 161,970,741 ordinary shares in issue, excluding 7,006,782 shares held in treasury.