InterContinental Hotels Group PLC Announces Transaction in Own Shares - Aug 8
Rhea-AI Summary
InterContinental Hotels Group PLC (IHG) announced a share buyback transaction on August 7, 2024. The company purchased 157,543 ordinary shares through Goldman Sachs International on the London Stock Exchange. The average price paid per share was £72.8064, with the lowest price at £72.2600 and the highest at £73.5200.
This purchase was made in accordance with shareholder authorization from the Annual General Meeting on May 3, 2024, and follows instructions issued by IHG on February 20, 2024. The company intends to cancel the purchased shares. After this transaction, IHG has 160,158,558 ordinary shares in issue, excluding 7,006,782 held in treasury.
Positive
- IHG is conducting a share buyback program, which can potentially increase shareholder value
- The company plans to cancel the purchased shares, which may lead to a reduction in outstanding shares
Negative
- The share buyback reduces the company's cash reserves
- Fewer outstanding shares may result in decreased liquidity for the stock
News Market Reaction
On the day this news was published, IHG gained 0.94%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UNITED KINGDOM / ACCESSWIRE / August 8, 2024 / The Company announces that on 07 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: | 07 August 2024 |
|
|
|
|
|
|
|
|
The Company intends to cancel the purchased shares.
Following the above transaction, the Company has 160,158,558 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/6307Z_1-2024-8-7.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: 157,543 (ISIN: GB00BHJYC057)
Date of purchases: 07 August 2024
Investment firm: GSI
Aggregated information:
| London Stock Exchange | Cboe BXE | Cboe CXE | Turquoise |
Number of ordinary shares purchased | 70,108 | 42,335 | 32,500 | 12,600 |
Highest price paid (per ordinary share) | £ 73.5000 | £ 73.5200 | £ 73.5000 | £ 73.4800 |
Lowest price paid (per ordinary share) | £ 72.2600 | £ 72.2600 | £ 72.2800 | £ 72.2800 |
Volume weighted average price paid(per ordinary share) | £ 72.8119 | £ 72.7698 | £ 72.8331 | £ 72.8294 |
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 7, 2024?
What was the average price paid per share in IHG's recent share buyback?
How many ordinary shares does IHG have in issue after the August 7, 2024 transaction?
What does IHG plan to do with the shares purchased on August 7, 2024?
