LONDON (dpa-AFX) - Global automotive distributor Inchcape plc (INCH.L), on Thursday, said it has agreed with Jefferies International Ltd. to undertake a share buyback programme for the purchase of up to £150 million of the company's shares, which was previously announced on 30 July 2024, as part of the company's H1 2024 results.
The repurchase of shares is a component of the Group's capital allocation strategy, which prioritizes internal investment, dividend disbursements equating to 40% of adjusted earnings per share, value-accretive acquisitions, and share repurchases. This approach adheres to the Group's internally set boundary of 1x net debt to EBITDA. The decision to initiate the share buyback program is underpinned by Inchcape's strong underlying free cash flow performance in the first half of 2024 and the robust state of the Group's financial position.
The maximum number of shares that may be repurchased under the Share Buyback Programme is up to 41,300,713 shares, being the number of shares the company is currently authorised to purchase according to the authority granted by shareholders at the Company's Annual General Meeting held on 9 May 2024.
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