PayPoint plc (LON:PAY) announces that it will launch a share buyback programme to purchase ordinary shares in the capital of the company for an aggregate consideration of £20 million with immediate effect.

The purpose of the programme is to reduce the share capital of PayPoint and therefore the Ordinary Shares purchased under the programme will be cancelled.

The programme is subject to the authority granted by a special resolution of the Company passed on 07 September 2023 and will take place during the period starting on 1 July 2024 and ending no later than 30 June 2025. The maximum number of Ordinary Shares which may be purchased by the Company under the Programme is 7,257,609 and is conditional on the renewal of such authority at the Company’s 2024 annual general meeting, to be held on 01 August 2024.

The Company has entered into irrevocable, non-discretionary instructions with Investec Bank plc to conduct the Programme on its behalf and to make trading decisions under the Programme independently of PayPoint.

PayPoint will announce any purchase of Ordinary Shares pursuant to the Programme no later than 7.30 a.m. on the business day following the calendar day on which the purchase occurs.

Investec may undertake transactions in the Company’s ordinary shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the Programme.