InterContinental Hotels Group PLC Announces Transaction in Own Shares - Aug 12
Rhea-AI Summary
InterContinental Hotels Group PLC (IHG) has announced a share buyback transaction on August 9, 2024. The company purchased 44,774 ordinary shares through Goldman Sachs International on the London Stock Exchange. The shares were bought at prices ranging from £72.12 to £73.08, with an average price of £72.6550 per share. This buyback is part of a program announced on February 20, 2024, and authorized by shareholders at the Annual General Meeting on May 3, 2024.
IHG intends to cancel the purchased shares. Following this transaction, the company has 160,019,543 ordinary shares in issue, excluding 7,006,782 held in treasury. The buyback demonstrates IHG's commitment to managing its capital structure and potentially enhancing shareholder value.
Positive
- Share buyback program implementation, potentially enhancing shareholder value
- Reduction in outstanding shares, which may increase earnings per share
Negative
- Outflow of cash for share repurchases, potentially reducing available funds for other investments or operations
News Market Reaction – IHG
On the day this news was published, IHG declined 1.10%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
InterContinental Hotels Group PLC (the Company)
Purchase of own shares
LONDON, UNITED KINGDOM / ACCESSWIRE / August 12, 2024 / The Company announces that on 09 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: | 09 August 2024 |
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Aggregate number of ordinary shares purchased: | 44,774 |
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Lowest price paid per share: | £ 72.1200 |
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Highest price paid per share: | £ 73.0800 |
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Average price paid per share: | £ 72.6550 |
The Company intends to cancel the purchased shares.
Following the above transaction, the Company has 160,019,543 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/9793Z_1-2024-8-9.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: 44,774 (ISIN: GB00BHJYC057)
Date of purchases: 09 August 2024
Investment firm: GSI
Aggregated information:
| London Stock Exchange | Cboe BXE | Cboe CXE | Turquoise |
Number of ordinary shares purchased | 44,774 |
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Highest price paid (per ordinary share) | £ 73.0800 |
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Lowest price paid (per ordinary share) | £ 72.1200 |
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Volume weighted average price paid(per ordinary share) | £ 72.6550 |
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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) repurchase on August 9, 2024?
What was the average price paid per share in IHG's August 9, 2024 buyback?
What is IHG's plan for the shares repurchased on August 9, 2024?
How many ordinary shares does IHG have in issue after the August 9, 2024 buyback?
