Paddy Power Betfair buys back more shares

Paddy Power Betfair plc announced Wednesday in a stock exchange advisory that it has entered into a second share buy-back deal worth GBP 300 million with Goodbody Stockbrokers UC in respect of the repurchase of ordinary shares of PPB.

The advisory notes that on 2 May 2018, PPB announced its intention to return GBP 500 million of cash to shareholders. Subsequently, on 29 May 2018, the group announced arrangements with Goldman Sachs International in respect of the buyback of shares of an initial tranche of GBP 200 million, an initial initiative that is currently underway.

The deal with Goodbody is irrevocable and non-discretionary. It will commence after all transactions under the Initial Buyback Tranche have completed and will continue until no later than 28 February 2019, subject to market conditions. The purpose of the Second Buyback Tranche is to reduce the company’s share capital and, accordingly, shares repurchased by the group will be cancelled. It is intended that ordinary shares may be repurchased on both the London Stock Exchange and the Irish Stock Exchange, trading as Euronext Dublin.

“Goodbody will make its trading decisions in relation to the company’s securities independently of, and uninfluenced by, the group,” the PPB communication notes.

“The Second Buyback Tranche arrangements will be conducted in accordance with the company’s general authority to repurchase ordinary shares as approved by shareholders at its 2018 Annual General Meeting on 18 May 2018, the parameters prescribed by the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of the London Stock Exchange and Euronext Dublin.

“The maximum number of ordinary shares to be repurchased under the Second Buyback Tranche is 12,692,692 less the number of shares repurchased as part of the Initial Buyback Tranche.”

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