Hibernia REIT plc (“Hibernia” or the “Company”) announces that it has entered into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC (“Goodbody”) to repurchase ordinary shares on the Company’s behalf up to a maximum consideration of €25m (the “Share Buyback Programme”).
Kevin Nowlan, Hibernia’s Chief Executive Officer, said:
“Despite the uncertain economic outlook our business is in a strong position: our rent collection statistics are good and our balance sheet is extremely robust, with a last reported loan to value ratio of 16.5%.
“This €25m share buyback is expected to be accretive to net asset value per share and earnings per share and will also complete the return to shareholders of the proceeds from the sale of 77 Sir John Rogerson’s Quay started with the €25m share buyback undertaken last year.”
The Share Buyback Programme will commence today (7 August 2020) and may continue until the end of February 2021 subject to market conditions, the ongoing capital requirements of the business and termination provisions customary for arrangements of this nature. The maximum number of ordinary shares to be repurchased under the Share Buyback Programme is 68,478,208 and these may be repurchased on either Euronext Dublin or the London Stock Exchange. The purpose of the Share Buyback Programme is to reduce the Company’s share capital. It is intended that the shares repurchased will be cancelled.
Goodbody will make its trading decisions in relation to the Company’s shares independently of, and uninfluenced by, the Company and in accordance with certain pre-set parameters. The Share Buyback Programme will be conducted (i) in accordance with the Company’s general authority to repurchase ordinary shares as approved by shareholders at the Company’s AGM on 29 July 2020 and (ii) the parameters prescribed by the Market Abuse Regulation 596/2014/EU, the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of Euronext Dublin and the London Stock Exchange.
Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following any repurchase. The Company confirms that currently it has no unpublished inside information.