InterContinental Hotels Group PLC Announces Transaction in Own Shares - Aug 6
Rhea-AI Summary
InterContinental Hotels Group PLC (IHG) has announced a significant share buyback transaction on August 5, 2024. The company purchased 160,000 ordinary shares through Goldman Sachs International on the London Stock Exchange. The shares were bought at prices ranging from £72.52 to £74.10, with an average price of £73.3565 per share.
This purchase is part of a share buyback program authorized by shareholders at the Annual General Meeting on May 3, 2024. IHG intends to cancel the purchased shares, which will reduce the total number of ordinary shares in issue to 160,475,541 (excluding 7,006,782 held in treasury). The transaction was executed across multiple trading venues, including the London Stock Exchange, Cboe BXE, Cboe CXE, and Turquoise.
Positive
- IHG is implementing a share buyback program, potentially indicating confidence in the company's financial position
- The company plans to cancel the purchased shares, which could increase the value of remaining shares
Negative
- The share buyback reduces the company's cash reserves, which could impact its financial flexibility
News Market Reaction
On the day this news was published, IHG gained 0.14%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UK / ACCESSWIRE / August 6, 2024 / InterContinental Hotels Group PLC (the Company) The Company announces that on 05 August 2024 it purchased the following number of its ordinary shares of 20340/399pence 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 August 2024 |
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The Company intends to cancel the purchased shares.
Following the above transaction, the Company has 160,475,541 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/2624Z_1-2024-8-5.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: 160,000 (ISIN: GB00BHJYC057)
Date of purchases: 05 August 2024
Investment firm: GSI
Aggregated information:
| London Stock Exchange | Cboe BXE | Cboe CXE | Turquoise |
Number of ordinary shares purchased | 69,500 | 51,000 | 28,500 | 11,000 |
Highest price paid (per ordinary share) | £ 74.0800 | £ 74.1000 | £ 74.0800 | £ 74.0400 |
Lowest price paid (per ordinary share) | £ 72.5200 | £ 72.5200 | £ 72.5400 | £ 72.5400 |
Volume weighted average price paid(per ordinary share) | £ 73.3891 | £ 73.2939 | £ 73.3846 | £ 73.3673 |
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
How many shares did InterContinental Hotels Group (IHG) purchase on August 5, 2024?
What was the average price paid per share in IHG's recent buyback?
What does IHG plan to do with the shares purchased in this transaction?
How many ordinary shares does IHG have in issue after this buyback?
